The Union Cabinet approved the signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes to fight against black money. The agreement will enable India and Seychelles to exchange information. The main advantage of the agreement is that it will help curb tax evasion and avoidance.
About Agreement:
- Information received under the agreement will be confidential.
- It may get disclosed only to persons or authorities (including courts or administrative bodies) concerned with assessment, collection, enforcement, prosecution or determination of appeals, in relation to taxes covered under the agreement.
- It also provides for a mutual agreement procedure for resolving any difference or for agreeing on procedures under the agreement.
- The agreement will enter into force on the date of notification of completion of procedures required by the respective laws of the two countries.
Other Agreements:
- India has signed similar bilateral agreements for exchange of tax information with Argentina, Bahamas, Bahrain, Belize, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Liberia, Liechtenstein, Macao, Monaco and San Marino.
Related Question:
What is the Capital of Seychelles?
Who is the president of Seychelles?
