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Details Of Indian Tax Information Responses Released

by Mary Swire, Tax-News.com, Hong Kong

05 August 2013


India "has in place appropriate organizational processes and resources to ensure effective exchange of information (EOI)," the Organization for Economic Cooperation and Development (OECD) has said.

The OECD's Phase 2 Peer Review Report on India notes that the country now has an "extensive" network of tax information exchange mechanisms that covers 111 jurisdictions. It would like to see India continue to develop its connections with all relevant partners. There are no limitations on the tax authority's ability to use its information gathering powers, and no bank or corporate secrecy provisions hamper the capacity for responding to international requests.

The Report also reveals that India received 97 tax information requests between July 1, 2009 and June 30, 2012. In 23 percent of cases, details were provided within 90 days, and between 91 and 180 days in 34 percent of cases. 21 percent of requests were fulfilled after a year.

The OECD concludes that "information obtained and peer inputs show that India's processes led in a small number of cases to delay during the earlier part of the period under review, but the situation greatly improved in 2011 and 2012." This is attributed largely to a dedicated EOI cell becoming fully operational, and the OECD says that India "should continue implementing the very positive measures recently taken to ensure that answers to EOI requests are made in a timely manner in all cases."

TAGS: compliance | tax | tax information exchange agreement (TIEA) | tax compliance | India | Organisation for Economic Co-operation and Development (OECD) | tax authority | agreements | revenue statistics

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