Central Govt notifies agreement of India with Saint Vincent and the Grenadines for Exchange of Information and Assistance in Collection of taxes [Read Order]
Central Govt – agreement – India – Central Govt notifies agreement of India – taxscan
Central Govt – agreement – India – Central Govt notifies agreement of India – taxscan
The Government of India, through notification no. S.O. 4756(E), has officially notified the agreement between India and Saint Vincent and the Grenadines for exchanging information and assisting in tax collection. This action, carried out under the authority granted by section 90(1) of the Income-tax Act, 1961, affirms that all the provisions of the mentioned Agreement will be in effect within the Union of India. The agreement consists of 13 Articles.
According to the agreement, the competent authorities of the Contracting Parties (i.e., India and Saint Vincent and the Grenadines) shall provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the Contracting Parties concerning taxes covered by this Agreement.
Such information shall include information that is foreseeably relevant to the determination, assessment and collection of such taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of tax matters. Information shall be exchanged in accordance with the provisions of this Agreement.
The competent authorities shall also lend assistance to each other in the collection of tax claims. The rights and safeguards secured to persons by the laws or administrative practice of the requested Party remain applicable to the extent that they do not unduly prevent or delay effective exchange of information or assistance in collection.
According to Article 3 of the agreement, the following taxes are covered:
- in India, taxes of every kind and description imposed by the Central Government or the Governments of political subdivisions or local authorities, irrespective of the manner in which they are levied;
- b) in Saint Vincent and the Grenadines, taxes of every kind and description imposed by the Central Government or local authorities, irrespective of the manner in which they are levied.
It is recommended to thoroughly review the entire agreement in order to understand all the comprehensive details.
To Read the full text of the Order CLICK HERE
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
