India, San Marino signs TIEA

NEW DELHI: India and European country San Marino has signed a bilateral tax treaty for exchange of banking and ownership information.

"India and San Marino signed a Tax Information Exchange Agreement ( TIEA) at Rome, Italy yesterday," an official statement said.

The agreement is based on international standard of transparency and exchange of information and provides for exchange of information that is relevant to the administration and enforcement of the domestic tax laws.

The agreement also has a specific provision which entails that the information may be availed even though that such information may not be needed for its own tax purposes.

Apart from exchange of banking and ownership information, it also "provides for the representatives of the competent authority of the requesting party to enter the territory of the requested party to interview individuals and examine records".

The Agreement is expected to further strengthen tax cooperation between India and San Marino, the statement added.