The Union Cabinet on Thursday approved the signing and ratification of the agreement between India and Seychelles for the exchange of information with respect to taxes.
The agreement will stimulate the flow of exchange of information between India and Seychelles for tax purposes, which will help curb tax evasion and tax avoidance, Communications and Information Technology minister, Ravi Shankar Prasad said after the cabinet meeting chaired by Prime Minister Narendra Modi.
The agreement will enable competent authorities of India and Seychelles to provide assistance through exchange of information that is relevant to the administration and enforcement of the domestic laws of two countries concerning taxes covered by this agreement, Prasad said.
The Information received under the agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts or administrative bodies) concerned with assessment, collection, enforcement, prosecution or determination of appeals.
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