The Cabinet on Wednesday approved an agreement between India and Saint Vincent and the Grenadines for the exchange of tax information and assistance in the collection.
As per an official release by the Press Information Bureau (PIB), the agreement between India and St Vincent and the Grenadines, will help in facilitating the exchange of information between the two countries, including sharing of information held by the banks and other financial institutions encompassing the information regarding the legal and beneficial ownership.
The release further stated that it will also facilitate the assistance in collection of the tax claims between the two countries. Thus, it will strengthen India's commitment to fight offshore tax evasion and tax avoidance practices leading to generation of unaccounted black money.
There was no such agreement with Saint Vincent and the Grenadines in the past and India was negotiating this agreement since a long time.
Meanwhile, Saint Vincent and The Grenadines agreed to conclude this agreement with India which will promote tax cooperation between the two countries through exchange of information and assistance in collection of outstanding tax claims between the two countries.
( With inputs from ANI )
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