India, Gibraltar ink TIEA pact

ndia and Gibraltar have inked a Tax Information Exchange Agreement (TIEA) that among other things calls for transparent sharing of information.
This is the 13^th TIEA being signed by India.
Countries with whom India has signed TIEA pact are Bahamas, Bermuda, British Virgin Islands, Isle of Man, Cayman Islands, Jersey, Macau, Liberia, Argentina, Guernsey, Bahrain and Monaco.

About TIEA:
It is a pact which allows the signatories to share tax related information based on international standard of transparency and exchange of information.

Position of Gibraltar:

As per this agreement:

• Information must be foreseeably relevant to the administration and enforcement of the domestic laws of the Contracting Parties concerning taxes covered by the agreement.
• It allows for tax examination abroad and has specific provisions for providing banking and ownership information.
• The requesting state has to provide some minimum details about the information requested in order to justify the foreseeably relevance criteria.
• Information under this is to be treated confidential and disclosed to only specified person or authorities, which are tax authorities or the authorities concerned with the determination of tax appeal.
• Information can be used for non tax purposes with the written consent of the Competent Authority of the requested Party.
• Requested Party shall provide upon request the information even though that Party may not need such information for its own tax purposes.
• Exchange of past information in criminal matters is also feasible through this pact.