Friday, September 16, 2016
The tax information exchange agreement between India and Seychelles has entered into force, the Indian tax agency has said.
The TIEA entered into force on June 28, 2016, following the completion of domestic ratification procedures by the two countries.
The agreement will enable the Competent Authorities of India and Seychelles to "provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of [the two countries] concerning taxes."
Each Competent Authority will provide information "on request." India and Seychelles will ensure that its Competent Authority has the authority to obtain and provide "information held by banks, other financial institutions, and any persons acting in an agency or fiduciary capacity, including nominees and trustees; [and] information regarding the legal and beneficial ownership of companies, partnerships, collective investment funds or schemes, trusts, foundations, 'Anstalten,' and other persons."
The TIEA also provides for a Mutual Agreement Procedure for resolving any difference regarding its implementation or interpretation.