To check black money generation, the government on 20 August 2015 approved signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes. The agreement will stimulate the information exchange between India and Seychelles for tax purposes, which will help curb tax evasion and avoidance. The decision was taken in the Cabinet meeting headed by Prime Minister Narendra Modi.
The agreement will enable the competent authorities of India and Seychelles to provide assistance through the exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of two countries concerning taxes.
Information received under the agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts or administrative bodies) concerned with assessment, collection, enforcement, prosecution or determination of appeals, in relation to taxes covered under the agreement.
EmoticonEmoticon