Press Esc to close
Friday 27 February 2015
News updated at 12:48 PM IST
Weather
Max: 31.7°C
Min : 16.9°C
In Bengaluru
clear sky

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
Students march and light flares during the second day of student strike in Madrid, Spain...

Students march and light flares during the second day of student strike in Madrid, Spain...

Indian Weightlifter Kailash Sarma and Modhusmrita Baruah displaying their gold medals...

Indian Weightlifter Kailash Sarma and Modhusmrita Baruah displaying their gold medals...

Bollywood actor Shatrughan Sinha and singer Sonu Nigam during the success party of the later's album

Bollywood actor Shatrughan Sinha and singer Sonu Nigam during the success party of the later's album

Church attack at Ullal, Mangalore...

Church attack at Ullal, Mangalore...

The Solar Impulse 2, a solar-powered plane, flies over the Sheikh Zayed Grand Mosque in Abu Dhabi...

The Solar Impulse 2, a solar-powered plane, flies over the Sheikh Zayed Grand Mosque in Abu Dhabi...

Abihimanyu Mithun during a Ranji Trophy Semi-final match at KSCA in Bengaluru...

Abihimanyu Mithun during a Ranji Trophy Semi-final match at KSCA in Bengaluru...

An Indian ragpicker waits for a train to pass by as he tries to cross railway tracks in New Delhi...

An Indian ragpicker waits for a train to pass by as he tries to cross railway tracks in New Delhi...

People travel at the doorway of a crowded local train on the outskirts of Kolkata, India...

People travel at the doorway of a crowded local train on the outskirts of Kolkata, India...

An Indian passenger sits on the lap of another man as he travels in a crowded local train...

An Indian passenger sits on the lap of another man as he travels in a crowded local train...

.Indian passengers hang from the doors of the coaches of a crowded local train...

.Indian passengers hang from the doors of the coaches of a crowded local train...

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