India is looking to sign tax information exchange agreements with a further 34 jurisdictions/countries, Rajya Sabha was informed last week.
This is in addition to the agreements already signed with 12 countries/ jurisdictions, including the Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Isle of Man, Jersey, Guernsey, Liberia and Macau. All these agreements are in force.
In addition, three more tax info agreements have been signed with Argentina, Bahrain and Monaco which will come into effect after completion of necessary formalities in these countries/jurisdictions, S. S. Palanimanickam, Minister of State for Finance, said in a written reply.
Key havens
Some of the key countries with which India is looking to sign agreements include Brunei Darussalam, Peru,Argentina, Bahrain, Gibraltar, Liechtenstein, Maldives, Marshall Islands, Panama, Saint Kitts & Nevis and Seychelles.
These agreements contain an Article on Exchange of Information under which Indian tax authorities can seek information about a taxpayer.
Information is regularly exchanged with the treaty/agreement partners and is forwarded to the field authorities for taking appropriate action, Palanimanickam said.
The information exchanged is governed by the confidentiality clause of the respective agreements , he said.
srivats.kr@thehindu.co.in