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According to an announcement by the Indian Government's information bureau, the Cabinet has approved the signing of a tax information exchange agreement between India and Seychelles.
The statement, dated August 20, 2015, explained that the agreement will encourage the flow of information with respect to taxes in order to help curb tax avoidance and evasion.
The agreement will enable the Competent Authorities of India and Seychelles to provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of two countries concerning taxes covered by this agreement.
Information received under the agreement is to 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 country sending the information.
The agreement also provides for a Mutual Agreement Procedure for resolving any difference or for agreeing on procedures under the agreement.
The agreement will enter into force on the date of notification of completion of procedures required by the respective laws of the two countries.
India has signed similar bilateral agreements for Exchange of Tax Information with Argentina, Bahamas, Bahrain, Belize, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Liberia, Liechtenstein, Macao, Monaco and San Marino.
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