SECTION 90 OF THE INCOME – TAX ACT, 1961 – DOUBLE TAXATION RELIEF – WHERE AGREEMENT EXISTS – INDIA HAS SIGNED ITS FOURTH TIEA WITH BAHAMAS
PRESS RELEASE NO. 402/92/2006-MC (04 OF 2011), DATED 12-2-2011
India has entered into a Tax Information Exchange Agreement (TIEA) with the Bahamas. The Agreement was signed on 11thFebruary 2011 by the High Commissioner of India to Jamaica (concurrently accredited to theCommonwealth of The Bahamas) on behalf of India and the Minister of State for Finance on behalf of the Government of the Commonwealth of The Bahamas.
The agreement provides for sharing information, including exchange of banking and ownership information. Although the information shared will be covered under the secrecy clause, it can be shared with specified tax authorities or authorities concerned with determination of tax appeals. Information can also be shared for other purposes with the prior consent of the giving party.
This is the fourth TIEA entered into by India in recent months. Earlier, India had signed similar TIEAs with Bermuda, Isle of Man and British Virgin Islands.