Friday 18 April 2014
News updated at 4:59 PM IST
Weather
Max: 34.6°C
Min : 22.1°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
Britain's Catherine (2nd R), Duchess of Cambridge, strokes Fred the ram as her husband Prince...

Britain's Catherine (2nd R), Duchess of Cambridge, strokes Fred the ram as her husband Prince...

An anti-government protester throws a molotov cocktail at the Bolivarian National Police during...

An anti-government protester throws a molotov cocktail at the Bolivarian National Police during...

A Soleil supercar is seen during a press event at the Jacob Javits Convention Center during the...

A Soleil supercar is seen during a press event at the Jacob Javits Convention Center during the...

Toronto Mayor Rob Ford bobble heads are on display for sale as Ford launches his re-election...

Toronto Mayor Rob Ford bobble heads are on display for sale as Ford launches his re-election...

A Buddhist monk prays for missing passengers who were on the South Korean ferry 'Sewol' which...

A Buddhist monk prays for missing passengers who were on the South Korean ferry 'Sewol' which...

U.S. first lady Michelle Obama obliges cheering students by showing off the hand signal the...

U.S. first lady Michelle Obama obliges cheering students by showing off the hand signal the...

A FedEx truck drives past a makeshift memorial, set up in memory of those who died last week when...

A FedEx truck drives past a makeshift memorial, set up in memory of those who died last week when...

A Koenigsegg supercar is seen during a press event at the Jacob Javits Convention Center during...

A Koenigsegg supercar is seen during a press event at the Jacob Javits Convention Center during...

Former U.S. Secretary of State Hillary Clinton participates in A No Ceilings Conversation at...

Former U.S. Secretary of State Hillary Clinton participates in A No Ceilings Conversation at...

A man carries a flower wreath while passing through a line of police officers outside the funeral...

A man carries a flower wreath while passing through a line of police officers outside the funeral...

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