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Cabinet approves Agreement between India and Saint Vincent and The Grenadines for the Exchange of Information and Assistance in Collection with respect to Taxes The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved an Agreement between the Republic of India and Saint Vi
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FAQ :
The Indian Cabinet has approved an Agreement between the Republic of India and Saint Vincent and The Grenadines for the Exchange of Information and Assistance in Collection with respect to Taxes.
Yes, this is a new agreement, and there was no such agreement in the past between the two countries.
The agreement mainly proposes to facilitate the exchange of information between the two countries and to provide assistance to each other in the collection of tax claims.
These provisions allow a country to permit representatives of the other country to enter its territory to interview individuals and examine records for tax purposes, within the limits of its domestic laws.
It will strengthen India's commitment to fight offshore tax evasion and tax avoidance practices, leading to a reduction in unaccounted black money.
The agreement will facilitate the exchange of information held by banks and other financial institutions, including information regarding legal and beneficial ownership.
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