Press Esc to close
Wednesday 23 July 2014
News updated at 5:09 PM IST
Weather
Max: 28°C
Min : 21.3°C
In Bangalore
Sunny day

Govt approves tax information exchange pact with Liechtenstein

New Delhi, March 18, 2013 (PTI)

A pact to be signed with Liechtenstein in Europe for bilateral exchange of information on tax matters was today approved by the Union Cabinet amid its efforts to track black money stashed abroad.

India has been in negotiation with the European nation on Tax Information Exchange Agreement (TIEA) since 2009.

In March 2009, India was able to obtain information through the German government regarding Indian taxpayers having accounts with LGT Bank in Liechtenstein.


The G-20 summit in London in April 2009 proved to be an important milestone when just before the summit, countries such as Switzerland, Liechtenstein, Luxembourg, and Monaco announced their preparedness to accept OECD standards of transparency and exchange of information.

As per the international standard, tax information exchanged under DTAAs/TIEAs is protected by the confidentiality clause of the respective DTAA/TIEA under which information is received.

All the TIEAs signed by India have provisions for tax examination abroad. Most of the TIEAs signed by India also contain provision for obtaining past information either in all cases or at least in criminal cases.

India has been expanding its tax agreements with different countries and jurisdictions as part of the drive to crack down on the menace of black money and tax evasion.

Go to Top

Photo Gallery
A worker sorting tomatoes at a vegetable market in...

A worker sorting tomatoes at a vegetable market in...

(From left) Singer Talat Aziz, Pankaj Udhas and Anup Jalota at a press conference to announce...

(From left) Singer Talat Aziz, Pankaj Udhas and Anup Jalota at a press conference to announce...

Legendary cricketer Sachin Tendulkar during the launch of Kaspersky Kids...

Legendary cricketer Sachin Tendulkar during the launch of Kaspersky Kids...

A bull stands inside a shop selling clothes at Varanasi...

A bull stands inside a shop selling clothes at Varanasi...

Actress Mandira Bedi with her son during the launch of Philips...

Actress Mandira Bedi with her son during the launch of Philips...

Stage dancers dressed up like MG Ramachandran (MGR), Rajnikanth and Kamalhassan...

Stage dancers dressed up like MG Ramachandran (MGR), Rajnikanth and Kamalhassan...

Jet Airways Chairman Naresh Goyal looks on as CEO Cramer Bell (left) and James Hogan, President and

Jet Airways Chairman Naresh Goyal looks on as CEO Cramer Bell (left) and James Hogan, President and

First lady heavy vehicle driver of Assam Deepali Rajkhowa on the driving seat...

First lady heavy vehicle driver of Assam Deepali Rajkhowa on the driving seat...

Hindu devotees travel past holy ghats on the banks of the river Ganges...

Hindu devotees travel past holy ghats on the banks of the river Ganges...

Visitors at Parliament House in New Delhi on Wed..

Visitors at Parliament House in New Delhi on Wed..

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523