Tax Agreement Between India, Saint Vincent And Grenadines For Exchange Of Information And Assistance In Collection With Respect To Taxes: CBDT

The Central Board of Direct Taxes (CBDT) has notified the tax agreement between the Government of the Republic of India and the Government of Saint Vincent and the Grenadines for the Exchange of Information and Assistance in collection with respect to taxes.

The agreement was signed at Kingstown, Saint Vincent and the Grenadines on the 19th May of 2022.

The Agreement entered into force on the 14th of February, 2023, being the date of the notifications of the completion of the procedures required by the respective laws of the contracting states for entry into force of the said agreement, in accordance with the Agreement.

The competent authorities of the Contracting Parties shall provide assistance through the exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the Contracting Parties concerning taxes covered by this Agreement.

The information shall include information that is foreseeably relevant to the determination, assessment and collection of such taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of tax matters.

Information shall be exchanged in accordance with the provisions of this Agreement. The competent authorities shall also lend assistance to each other in the collection of tax claims. The rights and safeguards secured to persons by the laws or administrative practice of the requested Party remain applicable to the extent that they do not unduly prevent or delay the effective exchange of information or assistance in collection.

“Any information received by a Contracting Party under this Agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts and administrative bodies) in the jurisdiction of the Contracting Party concerned with the assessment or collection of, the enforcement or prosecution in respect of, or the determination of appeals in relation to, the taxes covered by this Agreement. Such persons or authorities shall use such information only for such purposes. They may disclose the information in public court proceedings or in judicial decisions. The information may not be disclosed to any other person or entity or authority or any other jurisdiction without the express written consent of the competent authority of the Requested Party,” the agreement read.

Notification No. 96/2023

Date: 01/11/2023

Click Here To Read The Notification