Pact for exchange of information with Marshall Islands notified

The agreement between India and the Marshall Islands for exchange of information with respect to taxes has been notified, the government said on Thursday. The India-Marshall Islands Tax Information Exchange Agreement (TIEA) was signed on March 18, 2016, at Majuro. It was notified in the Gazette of India (Extraordinary) on May 21 this year, according to a statement.

The agreement enables the exchange of information, including banking and ownership information, between the two countries for tax purposes. It is based on international standards of tax transparency and exchange of information and enables the sharing of information on request. The agreement also provides for representatives of one country to undertake tax examinations in the other country. It will enhance mutual cooperation between India and the Marshall Islands by providing an effective framework for the exchange of information in tax matters which will help curb tax evasion and tax avoidance.