Article 1 - Object and Scope of the Agreement - Marshall Islands

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION NO. 40/2019 New Delhi, the 21st May, 2019 S.O. 1789(E).- Whereas, the Agreement between the Government of the Republic of India and the Government of the Republic of the Marshall Islands for the exchange of Information with respect to taxes (hereinafter referred to as the said Agreement) as set out in the Annexure to this notification, was signed at Majuro, the Republic of the Marshall Islands on the 18th day of March, 2016; And whereas, the said Agreement entered into force on the 6th December, 2018 being the date of the later of the notifications of the completion of the procedures required by the respective laws for the entry into force of the said Agreement, in accordance with Article 10 of the said Agreement; Now, therefore, in exercise of the powers conferred by sub-section(1) of section 90 of the Income-tax Act, 1961 (43 of 1961) , the Central Government hereby notifies that all the provisions of the said Agreement shall be given effect to in the Union of India. ANNEXURE AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE REPUBLIC OF THE MARSHALL ISLANDS FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS The Government of the Republic of India and the Government of Republic of the Marshall Islands, desiring to facilitate the exchange of information with respect to taxes have agreed as follows: ARTICLE 1 OBJECT AND SCOPE OF THE AGREEMENT The competent authorities of the Contracting Parties shall provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the Contracting Parties concerning taxes covered by this Agreement. Such information shall include information that is foreseeably relevant to the determination, assessment and collection of such taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of tax matters. Information shall be exchanged in accordance with the provisions of this agreement. The rights and safeguards secured to persons by the laws or administrative practice of the requested party remain applicable to the extent that they do not unduly prevent or delay effective exchange of information.