Agreement between India and Marshall Islands for exchange of information on tax matters

Agreement between India and Marshall Islands for exchange of information on tax matters

Agreement between the Government of the Republic of India and the Government of the Republic of the Marshall Islands for the exchange of information relating to tax matters.

India and Marshall Islands had, on 18th day of March, 2016 signed an agreement for the exchange of Information with respect to tax matters. The said agreement entered into force on the 6th December, 2018.

Now, in exercise of the powers conferred by sub-section(1) of section 90 of the Income-tax Act, 1961, the Central Government has notified that all the provisions of the said Agreement shall be given effect to in the Union of India.  

The taxes which are the subject of this Agreement are:

(a) In India, taxes of every kind and description imposed by the Central Government or the Governments of political subdivisions or local authorities, irrespective of the manner in which they are levied;

(b) In the Republic of the Marshall Islands, taxes of every kind and description imposed by the Central/Federal Government or the Governments of political subdivisions or local authorities, irrespective of the manner in which they are levied.

The Agreement shall also apply to any identical or substantially similar taxes imposed after the date of signature of this Agreement in addition to, or in place of, the existing taxes. The competent authorities of the Contracting Parties shall notify each other of any substantial changes to the taxation and related information gathering measures which may affect the obligations of that Party pursuant to this Agreement.

The agreement also provides for tax examinations abroad. At the request of the competent authority of the requesting Party, the requested Party may allow representatives of the competent authority of the requesting Party to enter the territory of the requested Party, to the extent permitted under its domestic laws, to interview individuals and examine records with the prior written consent of the individuals or other person concerned.

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