India signed a pact with Bermuda on exchange of tax information
October, 08th 2010
India on Thursday signed a pact with Caribbean tax haven Bermuda, which will facilitate exchange of information between the two countries regarding tax evasion.
The Tax Information Exchange Agreement (TIEA), as it is called, conforms to the guidelines issued by OECD for countries and destinations considered tax havens to share information.
The concept of TIEA was developed by OECD for promoting cooperation in tax matters via exchange of information.
As per agreement, signed by the Premier of Bermuda Ewart Brown and minister of state for finance S S Palanimanickam, both countries can share details on banking, ownership and past information on tax matters.