The Indian Income Tax Department has announced the implementation of a pending tax agreement with the Cayman Islands which will provide both nations' tax authorities with access to tax information on request now the agreement has entered into force.
The completion of India's domestic ratification procedures with the publication of Notification 61/2011 in the nation's official gazette, means that the bilateral Tax Information Exchange Agreement signed between the territories on March 21, 2011, entered into force immediately, on December 27, 2011.
The agreement, negotiated on the basis of the OECD model agreement, provides that Indian or Cayman authorities may request information pertaining to "taxes of every kind or description" where there is sufficient evidence of the perpetration of fiscal crime.
.Tags: tax | offshore | investment | offshore confidentiality | tax havens | international financial centres (IFC) | tax information exchange agreement (TIEA) | tax compliance | Cayman Islands | India | compliance | Cayman Islands | India
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