Press Esc to close

Govt approves tax information exchange pact with Liechtenstein

New Delhi, March 18, 2013 (PTI) 21:42 IST
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
Smokes and flame comes out from the window after a high rise office building caught fire...

Smokes and flame comes out from the window after a high rise office building caught fire...

Officials of the Pakistani Anti-Narcotic Force destroy confiscated drugs and liquor in Lahore...

Officials of the Pakistani Anti-Narcotic Force destroy confiscated drugs and liquor in Lahore...

A view of illuminated Swaminarayan temple on occasion of Diwali in Surat...

A view of illuminated Swaminarayan temple on occasion of Diwali in Surat...

Students pose after lighting oil lamps around a 'Rangoli' outside their hostel...

Students pose after lighting oil lamps around a 'Rangoli' outside their hostel...

Jammu and Kashmir Chief Minister Mehbooba Mufti celebrates Diwali with orphans in Jammu...

Jammu and Kashmir Chief Minister Mehbooba Mufti celebrates Diwali with orphans in Jammu...

Prime Minister Narendra Modi celebrating the Diwali with the jawans of the Indian Army...

Prime Minister Narendra Modi celebrating the Diwali with the jawans of the Indian Army...

President Ram Nath Kovind greeting people on the occasion of Diwali festival at Rashtrapati Bhavan..

President Ram Nath Kovind greeting people on the occasion of Diwali festival at Rashtrapati Bhavan..

Devotees queued at Dakhheneswar Kali temple during Diwali festival in Kolkata...

Devotees queued at Dakhheneswar Kali temple during Diwali festival in Kolkata...

CPI(M) workers chant slogans at a protest rally outside BJP headquarters in New Delhi on Tuesday...

CPI(M) workers chant slogans at a protest rally outside BJP headquarters in New Delhi on Tuesday...

Woman teachers pose with Diwali greeting messages at a school in Moradabad on Tuesday...

Woman teachers pose with Diwali greeting messages at a school in Moradabad on Tuesday...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.