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Argentina, India Initial Customs Agreement

by Mike Godfrey, Tax-News.com, Washington

04 August 2010


Argentinian tax chief, Ricardo Echegaray, has negotiated with officials of the Indian Central Board of Customs and Excise to conclude an agreement for co-operation and mutual assistance in customs operations, with the aim of promoting trade between both countries.

Echegaray said the agreement was a platform to promote secure and transparent foreign trade and was preliminary to another agreement on tax matters.

Having initialed the text of the agreement, the parties agreed to sign the agreement before the end of the year.

The latest statistics indicate that Argentina exports annually products worth USD648m to India and imports USD368m worth of goods, leaving a positive trade balance of USD280m.

According to the Indian ambassador, India is the main buyer of Argentine soybean oil. "By 2010 our imports are expected to reach USD1,500m," he said, adding that the agreement "lays the foundation for both countries to become strategic partners in the future."

Argentine representatives have been invited to travel in late August this year, to New Delhi to begin talks on an agreement to exchange tax information. The aim is to bring transparency to both trade and financial transactions between the two countries.

Since 2009, the Federal Administration of Public Revenue of Argentina, has completed agreements to exchange tax information with the Principality of Andorra, the Republic of Costa Rica, Monaco, the Republic of San Marino and the Bahamas. Earlier agreements had been made with Brazil, Chile, Spain and Peru.

A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
TAGS: tax | tax information exchange agreement (TIEA) | Bahamas | Chile | India | Monaco | agreements | Brazil | Costa Rica | Peru | Spain | import duty | trade | Andorra | Argentina | San Marino

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