India Signs TIEA with Monaco

Government of India and Government of Principality of Monaco have signed a Tax Information Exchange Agreement (TIEA) on 31JUL12. The agreement was signed by the Minister of State for Finance, Shri S S Palanimanickam from Indian side and Counsellor of Government for Finances and Economy, Mr. Marco Piccinini from Monaco side. This is the ninth TIEA being signed by India.

Salient Features:

– Agreement supports international standards of transparency by exchanging relevant information

– Information to be exchanged is subject to the administration and enforcement of the domestic laws of the Contracting Parties regarding taxes and tax matters covered by the agreement.

– Information is to be treated as secret and can be disclosed only to a specified person or authorities, which are tax authorities or the authorities concerned with the determination of tax appeal.

– It also provides for disclosure of information to any other person or entity or authority or any other jurisdiction (including foreign Governments) with the written consent of the competent authority of the requested Party.

– Creates provisions for providing banking and ownership information.

PIB 01AUG12

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