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India and Liechtenstein on Thursday signed a tax information exchange agreement (TIEA) in Bern, Switzerland.
The TIEA was signed by Chitra Narayanan, Indian Ambassador in Switzerland, and Doris Frick, Ambassador of Liechtenstein in Switzerland.
This agreement provides for exchange of banking and ownership information.
It also allows the representatives of the competent authority to interview individuals and examine records.
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.
An objective of TIEA is to promote international cooperation in tax matters through exchange of information.
The nature of tax-related information that could be shared under a TIEA varies from agreement to agreement.
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