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India signs international tax agreement

 

26/01/2012 - India has signed the Convention on Mutual Administrative Assistance in Tax Matters, a multilateral agreement which promotes international co-operation while respecting the rights of taxpayers.  The Convention provides for administrative co-operation between the parties in the assessment and collection of taxes, with a view to combating tax avoidance and evasion.

 

(Left/Right) - Rintaro Tamaki, Deputy Secretary-General of the OECD and Shri Sanjay Kumar Mishra, Joint Secretary-I Foreign Tax and Tax Research Division, Central Board of Direct Taxes, Department of Revenue, Ministry of Finance of India.

 

With taxpayers increasingly operating on a global basis, tax authorities are moving from bilateral to multilateral cooperation and from exchange of information on request to other forms of co-operation. The Convention is an effective and practical tool to help tax authorities in their everyday work.
 
By signing the Convention, India and the other 31 signatories encourage more countries to join, sending a strong signal that countries are acting together to ensure that individuals and multinational enterprises pay the right amount of tax, at the right time and in the right place.

 

“India has moved very quickly since its commitment to the Convention at the November G20 ceremony in Cannes and I expect it will be the first non-OECD G20 country for which the updated Convention is in force”, said Jeffrey Owens, Director of the OECD Centre for Tax Policy and Administration. 

 

Signatories to the amended Convention are:  Argentina, Australia, Belgium, Brazil, Canada, Denmark, Finland, France, Georgia, Germany, Iceland, India, Indonesia, Ireland, Italy, Japan, Korea, Mexico, Moldova, Netherlands, Norway, Poland, Portugal, Russia, Slovenia, South Africa, Spain, Sweden, Turkey, Ukraine, the United Kingdom, and the United States.

 

>> For more information, journalists should contact: Jeffrey Owens, Director of the OECD’s Centre for Tax Policy + 331 45 24 91 08.

 

>> Further information about the Convention on Mutual Administrative Assistance in Tax Matters is available at www.oecd.org/ctp/eoi/mutual.

 

 

 

 

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