India And Germany To Share More Information On Tax
The governments of India and Germany have agreed to continue negotiations on a partial revision of their bilateral double tax avoidance agreement with a view to introducing automatic exchange of tax information, the Indian Government has announced.
As part of the Indian Government’s policy of cracking down on tax evasion and “black money,” issues relating to exchange of tax related information, the OECD’s base erosion and profit shifting project, and the double tax agreement were among the items discussed by a high-level Indian Government delegation led by Revenue Secretary Shri Shaktikanta Das and senior German finance ministry officials including State Secretary Johannes Geismann at a meeting last month.
It was agreed at this meeting that India and Germany will continue to exchange tax related information spontaneously on the basis of the existing agreements. They agreed to explore other information exchange possibilities.
In addition, as signatories to the Multilateral Competent Authority Agreement regarding automatic exchange of information on financial accounts, Germany and India will begin negotiations as soon as possible towards a memorandum of understanding laying out the technical details of automatic information exchanges on financial accounts.
India and Germany also agreed to resume negotiations in New Delhi later this month on the partial revision of the double tax agreement between the two countries with a view to bringing the provisions relating to exchange of information into line with modern international standards.
An amending Protocol to the existing double tax agreement was last discussed by the two countries in New Delhi in April 2011, but further progress on the matter could not be made.
Source: LawTax – India And Germany To Share More Information On Tax
