India and Seychelles to exchange tax informationStaff writer ▼ | August 21, 2015
The Narendra Modi government approved signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes.
Cooperation To help curb tax evasion and avoidance
The agreement will enable the competent authorities of India and Seychelles to provide assistance through the exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of two countries concerning taxes, it said.
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, in relation to taxes covered under the agreement, it said.
Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the country sending the information, it added.
The agreement also provides for a Mutual Agreement Procedure for resolving any difference or for agreeing on procedures. ■