India, Bermuda Ink Information Exchange Treaty on Tax Issues
Oct. 8 – India signed its first ever exchange of information treaty with Bermuda, a Caribbean tax haven. The treaty will enable India to more easily attain information regarding banking, ownership, taxes, and other matters like money laundering and black market exchanges occurring outside the country’s borders.
“There is a specific provision for providing banking and ownership information…The agreement also allows exchange of past information in criminal tax matters,” an official statement read.
Known as The Tax Information Exchange Agreement, the document was first conceptualized by the Organization for Economic Cooperation and Development to promote cooperation in tax matters, especially with OECD nations considered to be tax havens.
The document was signed by India’s Finance Minister SS Palanimaickam and Bermuda’s Premier Ewart Brown on Thursday.