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India and Monaco have signed a tax information exchange agreement (TIEA) that would, among other things, enable exchange of banking and ownership information. The agreement was signed by the Minister of State for Finance S.S. Palanimanickam from the Indian side and the Counsellor of Government for Finances and Economy Marco Piccinini from Monaco side. This is the ninth TIEA being signed by India.
The concept of TIEA is a result of the work undertaken by Paris-based Organisation for Economic Cooperation and Development to address harmful tax practices. Its objective is to promote international co-operation in tax matters through exchange of information. The nature of information shared under a TIEA varies with each agreement.
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