The Union Government and Brunei signed an agreement for the Exchange of Information and Assistance in Collection with respect to Taxes (TIEA) in New Delhi on February 28, 2019.
The agreement was signed by Central Board of Direct Taxes (CBDT) Chairman Pramod Chandra Mody, and High Commissioner of Brunei Darussalam to India Dato Paduka Haji Sidek Ali.
Key Highlights
• The agreement enables exchange of information, including banking and ownership information between the two countries for tax purposes.
• It is based on international standards of tax transparency and exchange of information and enables sharing of information on request as well as on automatic basis.
• The agreement also provides for mutual assistance in collection of tax revenue claims between both countries.
Significance
The agreement will enhance mutual co-operation between India and Brunei Darussalam by providing an effective framework for exchange of information in tax matters, which will help curb tax evasion and tax avoidance.
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