Comments
Germany has agreed to start early negotiations for amendment to the double tax avoidance agreement (DTAA) with India. An amendment to the existing DTAA would be required if Germany were to share information with India's Enforcement Directorate.
This is because under the existing DTAA, Germany would not be able to share information for non tax use.
At a bilateral meeting with his German counterpart, Mr Wolfgang Schaeuble, on the sidelines of G20 Finance Ministers meet at Paris on Saturday, the Union Finance Minister, Mr Pranab Mukherjee, indicated the need for German tax authorities to share information with India's Enforcement Directorate.
Germany has in turn agreed to revise the article concerning exchange of information in the existing DTAA for sharing information with Indian enforcement agencies.
On Secret accounts
Meanwhile, at the bilateral meeting, Mr Mukherjee appreciated the role of Germany in providing information about Indian citizens having secret bank accounts in the LGT bank of Liechtenstein. Germany had earlier provided names of some Indians having secret accounts in the Liechtenstein Bank.
Mr Mukherjee also urged the German Finance Minister to share any other information that was available about Indian citizens holding secret bank accounts. An official release said that the German Minister had in turn assured him that as and when they have such information, they will pass it on to the Indian Government.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.