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TMI BlogIndia Ratifies the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and becomes the First Non-OECD, Non-Council of Europe Country to become A Party to the Convention.X X X X Extracts X X X X X X X X Extracts X X X X ..... India Ratifies the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and becomes the First Non-OECD, Non-Council of Europe Country to become A Party to the Convention. - News and Press Release Dated:- 24-2-2012 - News - Press Information Bureau Government of India Ministry of Finance 24-February-2012 18:43 IST India Ratifies the Multilateral Convention o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Mutual Administrative Assistance in Tax Matters and becomes the First Non-OECD, Non-Council of Europe Country to become A Party to the Convention India had signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on 26th January, 2012. The Convention has been ratified by India by depositing the Instrument of Ratification as on 21st February, 2012. By this, India h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as become the first non-OECD, non-Council of Europe country to become a party to the Convention as amended by the 2010 Protocol The Convention was signed by Shri Sanjay Kumar Mishra, Joint Secretary, Foreign Tax Tax Research Division, Department of Revenue, Ministry of Finance, on behalf of the Government of India in the presence of Deputy Secretary-General of OECD Mr. Rintaro Tamaki. This ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trument hitherto available for the members of OECD and Council of Europe was amended in 2010 and made open for all countries in June 2011. The Convention was amended to respond to the G20 Summit call in 2009 for developing a broader multilateral approach to improve the effectiveness of exchange of information, co-operation between the countries in the assessment and collection of taxes, with a vie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w to combating tax avoidance and evasion. Present signatories to the amended convention are: Argentina, Australia, Azerbaijan, Belgium, Brazil, Canada, Denmark (Ratified), Finland (Ratified), France (Ratified), Georgia (Ratified), Germany, Greece, Iceland (Ratified), India (Ratified), Indonesia, Ireland, Italy (Ratified), Japan, Korea, Mexico, Moldova (Ratified), Netherlands, Norway (Ratified), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Poland (Ratified), Portugal, Russia, Slovenia (Ratified), South Africa, Spain, Sweden (Ratified), Turkey, Ukraine, the United Kingdom (Ratified), and the United States. By signing the Convention, India and the other 33 signatories encourage more countries to join, sending a strong signal that countries are acting together to ensure that individuals and multinational enterprises pay the right amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt of tax, at the right time and in the right place. Many more countries are expected to sign the Convention in future. This provides for a wider network of countries co-operating in Exchange of Information and assistance in Tax Collection etc. Out of the 34 signatories, 13 (including India) of them have ratified the convention so far. India has become the thirteenth country to join the Conventio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. Salient features of this multilateral convention are: - It is based on international standard of transparency and exchange of information. - This instrument is multilateral and a single legal basis for multi-country co-operation as against the DTAAs/TIEAs which are bilateral. It provides for an extensive network and there will be consistent application of provisions leaving limited scope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for deviation. - It provides extensive forms of co-operation among the signatories on all taxes. - The Convention allows Exchange of past information in criminal tax matters. A Party to the Convention is compulsorily required to Exchange the past information in criminal matters for at least three years prior to becoming party to the Convention. - It not only facilitates the exchange of infor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mation, but also provides for assistance in the recovery of taxes. This will give a fillip to the efforts of the Government in bringing the Indian money illegally stashed abroad. - It provides for simultaneous tax examinations and participation in tax examinations in other countries. This provides for examination of tax affairs of the taxpayers simultaneously in their own territory and share the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant information to each other. This allows tax officials to entering into the territory of the other country to interview individuals and examine records. - The convention explicitly provides for Automatic Exchange of information and Spontaneous Exchange of information. - It provides for service of documents in other country. - The information received under the Convention can also be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... used for other purposes besides those related to tax co-operation, for example to counter money laundering with the approval of the supplying state. ******** DSM - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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