New Delhi, Sep 21 (IANS) The Union Cabinet on Wednesday approved an agreement between India and Samoa for exchange of tax related information.
The proposal to sign and ratify the agreement between India and Samoa was approved by the Union Cabinet.
“The agreement will stimulate the flow of exchange of information between India and Samoa for tax purposes which will help curb tax evasion and tax avoidance,” an official statement from the Union Cabinet said.
“There is no financial implications at present. Only in the event of extraordinary costs exceeding USD 500, the same will be borne by India.”
According to the statement, the agreement enables the competent authorities of both the countries to provide assistance through exchange of information that is relevant for enforcement of the domestic tax related laws.
The Cabinet statement elaborated that the information received under the agreement would be treated as confidential and may be disclosed only to concerned persons or authorities.
“Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the information sending country,” the statement said.
“The agreement shall enter into force on the date of notification of completion of the procedures required by the respective laws of the two countries for entry into force of the agreement.”