India notifies tax info exchange pact with Marshall Islands

  1. India has notified a tax information exchange agreement (TIEA) with the Marshall Islands.
  2. The TIEA is based on international standards of tax transparency and exchange of information and enables the sharing of information on request.
  3. The agreement enables exchange of information,including banking and ownership information between the two countries for tax purposes.
  4. The agreement also provides for representatives of one country to undertake tax examination in the other country.
  5. The agreement will enhance mutual cooperation between India and the Marshall Islands by providing an effective framework for exchange of information on tax matters which will help curb tax evasion and tax avoidance.
  6. The Marshall Islands are a sprawling chain of volcanic islands and coral atolls in the Pacific Ocean between Hawaii and the Philippines.

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