09.20.16

Seychelles and India to exchange Tax Information

Posted in Seychelles offshore jurisdiction at 2:51 pm by Robert Klien

Signed last year, the tax information exchange agreement (TIEA) between India and Seychelles has entered into force.

The TIEA entered into force on June 28, 2016, following the completion of domestic ratification procedures by both countries.

The agreement will enable the Competent Authorities of Seychelles and India to provide assistance through exchange of information relevant to the administration and enforcement of the domestic laws of the countries concerning taxes.

The information will be provided by each jurisdiction’s competent authority 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; 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 differences as regards its implementation or interpretation.

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