TAX INFORMATION EXCHANGE PACT SIGNED WITH BRITISH VIRGIN ISLANDS AND BAHAMAS

India and British Virgin Islands have signed a tax information exchange agreement with the first two being with Bermuda and Isle of Man. The TIEA with British Virgin Islands and Bahamas was signed by Mr. Nalin Surie, High Commissioner of India to the UK and Ms. Dancia Penn, Deputy Premier of the British Virgin Islands. Besides a specific provision for banking and ownership information, the TIEA also allows exchange of past information on criminal tax matters. According to the TIEA, information will have to be treated secret and can be disclosed to only specified person or authorities,
who are essentially tax authorities or authorities concerned with the determination of tax appeal.