MINISTRY OF FINANCE
(Department of Revenue)
New Delhi, the 12th August, 2015
S.O. 2192(E). —Whereas, an agreement (hereinafter referred to as the said agreement) between the Government of the Republic of India and the Government of the Republic of San Marino, for the exchange of intbrmation with respect to taxes was signed at Rome, on the 19th day of December, 2013;
(Notification No. 63/15/F.No.500/02/2003-FTD-11
AKIIILESH RANJAN. Jt. Secy.
AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA
AND THE GOVERNMENT OF TIIE REPUBLIC OF SAN MARINO FOR
TIIE EXCHANGE OF INFORMATION WIT/ I RESPECT TO TAXES
The Government of the Republic of India and the Government of the Republic of San Marino, desiring to facilitate the exchange of inlbrmation with respect to taxes have agreed as follows:
Object and Scope of the Agreement
laws or administrative practice of the requested Party remain applicable to the extent that they do not unduly prevent u;-delay eflective exchange of information.
Information shall be exchanged in accordance with this Agreement without regard to whether the person to whom the information relates is, or whether the information is held by, a resident of a Contracting Party. However, the Requested Party is not obliged to provide information which is neither held by its authorities nor is in the possession or control al persons who are within its territorial jurisdiction.
Taxes Covered I . The taxes which are the subject of this Agreement are
(a) in India. taxes of every kind and description imposed by the Central Government or the Governments of politica subdivisions or local authorities, irrespective of the manner in which they are levied;
(b) San Marino. taxes of every kind and description, irrespective of the manner they are levied;
(a) the term “India” means the territory of India and includes the territorial sea and airspace above it, as well as any other maritime zone in which India has sovereign rights, other rights and jurisdiction, according to the Indian law and in accordance with international law, including the U.N. Convention on the Law of the Sea;
(b) the term “Sari Marino” means the territory of Republic of San Marino;
(c) the term “Contracting Party” means India or the San Marino, as the context requires;
(c) the term -competent authority” means
1) in the case of India, the Finance Minister, Government of India, or its authorized representative;
ii) in the case of San Marino, the Central Liaison Office (CLO), as the Authority designed by domestic Law for the purpose of Exchange of information;
c) the term “person” includes an individual, a company, a body of persons and any other entity which is treated as a taxable unit under the taxation laws in force in the respective Contracting Parties;
I) the term “company” means any body corporate or any entity that is treated as a body corporate for tax purposes;
(g) the term “publicly traded company” means any company whose principal class of shares is listed on a recognised stock exchange provided its listed shares can be readily purchased or sold by the public. Shares can be purchased or sold “by the public” if the purchase or sale of shares is not implicitly or explicitly restricted to a limited group of investors;
(h) the term “principal class of shares” means the class or classes of shares representing a majority of the voting power and value of the company;
(j) the term “recognised stock exchange” shell bear the meaning agreed upon by the competent authorities of the contracting parties;
(i) the term “collective investment fund or scheme” means any pooled investment vehicle, irrespective of legal form;
k) the term “public collective investment fund or scheme” means any collective investment fund or scheme provided the shares or other interests in the fund or scheme can be readily purchased, sold or redeemed by the public. Units, shares or other interests in the fund or scheme can be readily purchased, sold or redeemed “by the public” if the purchase, sale or redemption is not implicitly or explicitly restricted to a limited group of investors;
(I) the term “tax” means any tax to which this Agreement applies;
(m) the term “requesting Party” means the Contracting Party‑
(1) submitting a request for information to. or
(ii) having received information li.om the requested Party;
(a) which is requested to provide information, Or
(b) which has provided information;
(o) the term “information gathering measures” means laws and administrative or judicial procedures that enable a Contracting Party to obtain and provide the requested information;
(P)the term “information” means any fact, statement, document or record in whatever form.
2. As regards the application of this Agreement at any time by a Contracting Party, any term not defined therein shall, unless the context otherwise requires or the competent authorities agree to a common meaning pursuant to the provisions of Article 10 of this Agreement, have the meaning that it has at that time under the law of that Party, any meaning under the applicable tax laws of that Party prevailing over a meaning given to the term under other laws of that Party.
Exchange of Information Up on Request
(a) information held by banks, other financial and any person acting in an agency, acting in an agency or fiduciary capacity; including nominees and trustees,
(b) information regarding the legal and beneficial ownership of companies, partnerships, collective investment funds or schemes, trusts, foundations, “Anstalten” and other persons, including, within the constraints of Article 2, ownership information on all such persons in an ownership chain; in the case of collective investment funds or schemes, information on shares, units and other interests; in the case of trusts, information on settlors, trustees and beneficiaries: in the case of foundations, information on founders, members of the foundation council and beneficiaries; and equivalent information in case of entities that are neither trusts nor foundations.
5. This Agreement does not create an obligation on the Contracting Parties to obtain or provide ownership information with respect to publicly traded companies or public collective investment funds or schemes unless such information can be obtained without giving rise to disproportionate difficulties
6. The competent authority of the requesting Party shall provide the following information to the competent authority of the requested Party when making a request for information under the Agreement to demonstrate the foreseeable relevance of the information to the request:
(b) the identity of the person under examination or investigation;
(b) the period for which information is requested;
(c) the nature of the information requested and the form in which the requesting Party would prefer to receive it
(d) the tax purpose for which the information is sought:
(e) grounds for believing that the information requested is present in the requested Party or is in the possession or control of a person within the jurisdiction of the requested Party;
(f) to the extent known, the name and address of any person believed to be in possession or control of the requested information;
(g) a statement that the request is in conformity with the laws and administrative practices of the requesting Party, that if the requested information was within the jurisdiction of the requesting Party then the competent authority of the requesting Party would be able to obtain the information under the laws of the requesting Party or in the normal course of administrative practice and that it is in conformity with this Agreement:
(h) a statement that the requesting. Party has pursued all means available in its own territory to obtain the information, except those that would give rise to disproportionate difficulties.
7. The competent authority of the requested Party shall forward the requested information as promptly as possible to the
(a) Confirm receipt of a request in writing to the competent authority of the requesting Party and shall notify the competent authority or the requesting Party of deficiencies in the request, if any, within 61) days of the receipt of the
(b) If the competent authority of the requested Party has been unable to obtain and provide the information within 90 days or receipt of the request, including if it encounters obstacles in furnishing the information or it refuses to furnish the it shall immediately inform the requesting Party, explaining the reason for its inability, the nature of the obstacles or the reasons I’m its refusal.
Tax Examinations Abroad
Possibility- of Declining a Request for information
(a) where the request is not made in conformity with this Agreement; or
(b) where the requesting Party has not pursued all means available in its own territory to obtain the information, except where recourse to such means would give rise to disproportionate difficulty; or
(c) where disclosure of the information would be contrary to public policy (ordre public) of the requested Party.
(a) to supply inlOrmation which would disclose any trade, business, industrial, commercial or professional secret or trade process. Notwithstanding, foregoing information described in paragraph 4 of Article 5 shall not be treated as such a secret or trade process merely because it meets the criteria in that paragraph; or
(b) to obtain or provide information, which would reveal confidential communications between a client and an attorney, solicitor or other admitted legal representative where such communications are:
(i) produced for the purposes of seeking or providing legal advice or
(ii) produced for the purposes of use in existing or contemplated legal proceedings; or
(c) to carry out administrative measures at variance with its laws and administrative practices, provided nothing in this subparaaraph shall affect the obligations of a Contracting Party under paragraph 4 of Article 5.
Any information received by a Contracting Party under this Agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts, administrative bodies) in the jurisdiction of the Contracting Party concerned with the assessment or collection of the onforremon, •
of appeals in relation to, the taxes covered by this Agreement. Such persons or authorities shall use such information only for such purposes. They may disclose the information in public court proceedings or in judicial decisions. The information may not be disclosed to any other person or entity or authority or any other. jurisdiction without the express written consent of the competent authority of the requested Party.
The Contracting Parties shall enact any legislation necessary to comply with, and give effect to, the terms of the Agreement.
Mutual Agreement Procedure
Entry into Force
In witness whereof, the undersigned, being duly authorised thereto, have signed this Agreement.
DONE in duplicate at Rome (Italy) on the 19`11 day of December, 2013, each in the Hindi, Italian and English languages, all texts being equally authentic. In case of divergence of interpretation, the English text shall prevail.
For the Government of
the Republic of India:
(Bosom K. Gupta)
Ambassador of India to Italy with concurrent accreditation to the republic of San Marino
For the Government of
the Republic of San Marino:
Ambassador of San Marino to Italy