Business & Economy

Cabinet approves India-Samoa agreement for information exchange with respect to taxes

NetIndian News Network

New Delhi, September 22, 2016

The Union Cabinet yesterday gave its approval for signing and ratification of an agreement between India and Samoa for the exchange of information with respect to taxes.
The agreement will stimulate the flow of exchange of information between India and Samoa which will help curb tax evasion and tax avoidance, an official press release said.
There is no financial implication at present.  Only in the event of extraordinary costs exceeding $ 500, it will be borne by India.  India has similar provisions in other such tax information exchange agreement, it said.
According to the release, the agreement enables the competent authorities of India and Samoa to provide assistance through exchange of information that is relevant to the administration and enforcement of the domestic laws of the two countries concerning taxes covered by the agreement.
The 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. Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the information sending country.