India, San Marino Sign TIEA
by Mary Swire, Lowtax.net, Hong Kong
27 December, 2013
India and San Mario have inked a tax information exchange agreement (TIEA), based on international standards.
The deal was signed by India's Italian Ambassador Basant K. Gupta and his San Marino counterpart Daniela Rotondaro.
It provides for the exchange of all information foreseeably relevant to the administration and enforcement of domestic tax laws, including data on banking and ownership. It specifies that an authority's information-gathering powers must be used to obtain any requested information, even if that information may not be required for the authority's own tax purposes.
Representatives of the requesting party may also enter the territory in question, to conduct interviews with individuals and examine records.
The agreement is expected to further strengthen tax cooperation between India and San Marino.
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