India, Liechtenstein in Tax Information Exchange Pact
India has inked a tax information exchange agreement with Liechtenstein,intensifying its efforts to track black money stashed abroad. "India and Liechtenstein have signed a Tax Information Exchange Agreement (TIEA) on Thursday at Bern, the finance ministry said in a statement.India has been in negotiations with the European nation on TIEA since 2009. The talks were initiated after the government received data about Indian having bank accounts in a bank in Lichenstein. "There is a specific provision for providing banking and ownership information, "the statement said. The pact has specific provisions for protecting the confidentiality of the information obtained under the Agreement.In March 2009, India was able to obtain information through the German government regarding Indian taxpayers having accounts with LGT Bank in Liechtenstein. On entering into force, information can be exchanged if it pertains to taxable periods beginning on or after April 1,2013.
Economic Times, New Delhi, 29-03-2013