India inks pact with Isle of Man on exchange of tax info

The Tax Information Exchange Agreement (TIEA), as it is known under the parlance of the Organisation for Economic Cooperation and Development (OECD), is the second such pact signed by India with any country.

First TIEA was signed by India with Bermuda in New Delhi on October 7, 2010.
"India and Isle of Man have signed a Tax Information Exchange Agreement (TIEA) on February 4, 2011 in London," an official statement said today.

Isle of Man is a British Dependency, located in the Irish Sea between the islands of Great Britain and Ireland.

Under the agreement, there is a specific provision for providing banking and ownership information and the requesting state has to provide some minimum details about the information requested.

"Information must be foreseeably relevant to the administration and enforcement of the domestic laws of the contracting parties concerning taxes covered by the agreement," the statement added.

However, information is to be treated as secret and can be disclosed to only specified person or authorities, which are tax authorities or the authorities concerned with the determination of tax appeal.

The agreement also allows for exchange of past information in criminal tax matters.
The agreement was signed by Nalin Surie, High Commissioner of India to the United Kingdom from Indian side and Anne Craine, MHK, Minister of the Treasury from Isle of Man side.

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