No.402/92/2006-MC (43 of 2010)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***New Delhi dated 7th September 2010
India Signs its First TIEA with BermudaIndia and Bermuda signed a Tax Information Exchange Agreement
(TIEA) today. The agreement was signed by Shri S. S. Palanimanickam,
Minister of State for Revenue, on behalf of India and Dr. Ewart Brown,
Premier, on behalf of Bermuda.
This is the first TIEA signed by India. The agreement is based on
international standards of transparency and exchange of information, and
also permits exchange of past information in criminal tax matters.
Under the agreement, information that is relevant to the administration
and enforcement of all domestic taxes can be exchanged. The information
exchanged will, however, remain secret and can be disclosed only to
specified authorities. The information can also be shared with other
authorities after written consent of the competent authority of the requested
party.
The TIEA is expected to improve economic cooperation between the
two countries.
