9911796707
TMI BlogAgreement between the Government of the Republic of India and the Government of Republic of Seychelles for the Exchange of Information with respect to taxesX X X X Extracts X X X X X X X X Extracts X X X X ..... hereby notifies that all the provisions of said Agreement, as annexed hereto as Annexure, shall be given effect to in the Union of India, in accordance with Article 12 of the said Agreement. ANNEXURE AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE REPUBLIC OF SEYCHELLES FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES The Government of the Republic of India and the Government of the Republic of Seychelles, 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 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Seychelles as the context requires; d) the term competent authority means i) in the case of India, the Finance Minister, Government of India, or its authorized representative; ii) in the case of Seychelles, the Minister responsible for Finance, or its authorized representative; e) the term person includes an individual, a company, a body of persons and any other entity which is treated as a taxable unit under the taxation laws in force in the respective Contracting Parties; f) the term company means any body corporate or any entity that is treated as a body corporate for tax purposes; g) the term publicly traded company means any company whose principal class of shares is listed on a recognised stock exchange provided its listed shares can be readily purchased or sold by the public. Shares can be purchased or sold by the public if the purchase or sale of shares is not implicitly or explicitly restricted to a limited group of investors; h) the term principal class of shares means the class or classes of shares representing a majority of the voting power and value of the company; i) the term recognised stock exchange means (i) in India, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e requested Party needs such information for its own tax purposes or whether the conduct being investigated would constitute a crime under the laws of the requested Party if such conduct occurred in the requested Party. 2. If the information in the possession of the competent authority of the requested Party is not sufficient to enable it to comply with the request for information, that Party shall use all relevant information gathering measures to provide the requesting Party with the information requested, notwithstanding that the requested Party may not need such information for its own tax purposes. 3. If specifically requested by the competent authority of the requesting Party, the competent authority of the requested Party shall provide information under this Article, to the extent allowable under its domestic laws, in the form of depositions of witnesses and authenticated copies of original records. 4. Each Contracting Party shall ensure that its competent authority, for the purposes specified in Article 1 of this Agreement, has the authority to obtain and provide upon request: (a) information held by banks, other financial institutions, and any persons acting in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ormity with this Agreement; (h) a statement that the requesting Party has pursued all means available in its own territory to obtain the information, except those that would give rise to disproportionate difficulties. 6. The competent authority of the requested Party shall forward the requested information as promptly as possible to the requesting Party. To ensure a prompt response, the competent authority of the requested Party shall: (a) Confirm receipt of a request in writing to the competent authority of the requesting Party and shall notify the competent authority of the requesting Party of deficiencies in the request, if any, within 60 days of the receipt of the request. (b) If the competent authority of the requested Party has been unable to obtain and provide the information within 90 days of receipt of the request, including if it encounters obstacles in furnishing the information or it refuses to furnish the information, it shall immediately inform the requesting Party, explaining the reason for its inability, the nature of the obstacles or the reasons for its refusal. Article 6 Tax Examinations Abroad 1. At the request of the competent authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... torney, solicitor or other admitted legal representative where such communications are: (a) produced for the purposes of seeking or providing legal advice or (b) produced for the purposes of use in existing or contemplated legal proceedings; or (iii) to carry out administrative measures at variance with its laws and administrative practices, provided nothing in this subparagraph shall affect the obligations of a Contracting Party under paragraph 4 of Article 5. 3. A request for information shall not be refused on the ground that the tax claim giving rise to the request is disputed. 4. The requested Party shall not be required to obtain and provide information which the requesting Party would be unable to obtain in similar circumstances under its own laws for the purpose of the administration or enforcement of its own tax laws or in response to a valid request from the requested Party under this Agreement. 5. The requested Party shall not decline to provide information solely because the request does not include all the information required under Article 5 if the information can otherwise be provided according to the law of the requested Party. 6. The requested ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agreed experts; (c) reasonable costs of conveying documents to the requesting Party; (d) reasonable litigation costs of the requested Party in relation to a specific request for information; and (e) reasonable costs for obtaining depositions or testimony. Article 10 Implementation Legislation The Contracting Parties shall (where they have not already done so) enact any legislation necessary to comply with, and give effect to, the terms of the Agreement. Article 11 Mutual Agreement Procedure 1. Where difficulties or doubts arise between the Contracting Parties regarding the implementation or interpretation of the Agreement, the competent authorities shall endeavour to resolve the matter by mutual agreement. 2. In addition, the competent authorities of the Contracting Parties may mutually agree on the procedures to be used under Article 5 and 6 of this Agreement. 3. The competent authorities of the Contracting Parties may communicate with each other directly for purposes of reaching agreement under this Article. Article 12 Entry into Force 1. The Contracting Parties shall notify each other in writing, through diplomatic channels, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
