India has entered into a pact with the British Virgin Islands for exchange of information to check tax evasion and money laundering. This is the third Tax Information Exchange Agreement (TIEA) — as it is known in the parlance of the Organisation for Economic Cooperation and Development (OECD) — signed by India.

“India and British Virgin Islands have signed a Tax Information Exchange Agreement (TIEA) in London yesterday,” an official statement said today.Earlier, India signed a TIEA with Bermuda on October 7, 2010. More recently, it inked one with the Isle of Man last week.

Under the agreement, there is a specific provision for providing banking and ownership information and the requesting state has to provide some minimum details about the information requested.

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Category : Income Tax (28540)
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Tags : Tax Evasion (146)

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