TMI BlogAGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE PRINCIPALITY OF LIECHTENSTEIN FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES.X X X X Extracts X X X X X X X X Extracts X X X X ..... s, the said agreement shall have effect for all requests made in respect of taxable periods beginning on or after 1st April, 2013, in accordance with paragraph 2 of the Article 11 of the said agreement; 4. Now, therefore, in exercise of the powers confirmed by section 90 of the Income tax Act, 1961 (43 of 1961), the Central Government hereby directs that the said agreement between the Government of the Republic of India and the Government of the Principality of Liechtenstein on the exchange of information on tax matters, as set out in the annexure hereto, shall have effect for all requests made in respect of taxable periods beginning on or after 1st April, 2013. Annexure AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE PRINCIPALITY OF LIECHTENSTEIN ON THE EXCHANGE OF INFORMATION ON TAX MATTERS The Government of the Republic of India and the Government of the Principality of Liechtenstein, Desiring to facilitate the exchange of information with respect to taxes, Have agreed as follows: ARTICLE 1 OBJECT AND SCOPE OF THE AGREEMENT The competent authorities of the Contracting Parties shall provide assistance through e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia, or its authorized representative; (ii) in the case of Liechtenstein, the Government of the Principality of Liechtenstein, or its authorised representative; (e) the term person includes an individual, a company, a dormant inheritance and any other body of persons; (f) the term company means any body corporate, as well as entities and special asset endowments that are treated as a body corporate for tax purposes; (g) the term publicly traded company means any company whose principal class of shares is listed on a recognised stock exchange provided its listed shares can be ' readily purchased or sold by the public. Shares can be purchased or sold by the public if the purchase or sale of shares is not implicitly or explicitly restricted to a limited group of investors; (h) the term principal class of shares means the class or classes of shares representing a majority of the voting power or of the statutory capital of the company. (i) the term recognised stock exchange means (i) in India, the National Stock Exchange, the Bombay Stock Exchange, and any other stock exchange recognised by the Securities and Exchange Board of I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ested Party. 2. If the information in the possession of the competent authority of the requested Party is not sufficient to enable it to comply with the request for information, that Party shall use all relevant information gathering measures to provide the requesting Party with the information requested, notwithstanding that the requested Party may not need such information for its own tax purposes. 3. If specifically requested by the competent authority of the requesting Party, the competent authority of the requested Party shall provide information under this Article, to the extent allowable under its domestic laws, in the form of depositions of witnesses and authenticated copies of original records. 4. Each Contracting Party shall ensure that its competent authority, for the purposes of this Agreement, has the authority to obtain and provide upon request: (a) information held by banks, other financial institutions, and any person, acting in an agency or fiduciary capacity including nominees and trustees; (b) information regarding the ownership of companies, partnerships, collective investment funds or schemes, trusts, foundations and other persons, includin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the requesting Party has pursued all means available in its own .: territory to obtain the information, except those that would give rise to disproportionate difficulties. 6. The competent authority of the requested Party shall forward the requested . information as promptly as possible to the requesting Party. To ensure a prompt response, the competent authority of the requested Party shall: (a) Confirm receipt of a request in writing to the competent authority of the requesting . Party and shall notify the competent authority of the requesting Party of deficiencies in the request, if any, within 60 days of the receipt of the request. (b) If the competent authority of the requested Party has been unable to obtain and provide the information within 90 days of receipt of the request, including if it encounters obstacles in furnishing the information or it refuses to furnish the information, it shall immediately inform the requesting Party, explaining the reason for its inability, the nature of the obstacles or the reasons for its refusal. ARTICLE 6 TAX EXAMINATIONS ABROAD 1. By reasonable notice given in advance, the applicant Party may request that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rative practices, provided nothing in this subparagraph shall affect the obligations of a Contracting Party under paragraph 4 of Article 5. 3. A request for information shall not be refused on the ground that the tax claim giving rise to the request is disputed. 4. The requested Party shall not be required to obtain and provide information which the requesting Party would be unable to obtain under its own laws made in similar circumstances from the requested Party under this Agreement. 5. The requested Party may decline a request for information if the information is requested by the applicant Party to administer or enforce a provision of the tax law of the applicant Party, or any requirement connected therewith, which discriminates against a national of the requested Party as compared with a national of the applicant Party in the same circumstances. ARTICLE 8 CONFIDENTIALITY 1. All information provided and received by the competent authorities of the Contracting Parties shall be kept confidential. 2. This information may be disclosed only to persons or authorities (including courts and administrative bodies) of the Contracting Parties concerned with the purp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MUTUAL AGREEMENT PROCEDURE 1. Where difficulties or doubts arise between the Contracting Parties regarding the implementation or interpretation of this Agreement, the competent authorities shall endeavour to resolve the matter by mutual agreement. 2. In addition to the agreements referred to in paragraph 1, the competent authorities of the Contracting Parties may mutually agree on the procedures to be used under this agreement. 3. The competent authorities of the Contracting Parties may communicate with each other directly for purposes of reaching agreement under this Article. 4. The Contracting Parties may also agree on other forms of dispute resolution. ARTICLE 11 ENTRY INTO FORCE 1. This Agreement shall enter into force one month from the date on which the Contracting Parties have notified each other that their respective requirements for the entry into force of this Agreement have been fulfiled. The relevant date shall be the day on which the last notification is received. 2. Upon the date of entry into force, this Agreement shall have effect for all requests made but only in respect of taxable periods beginning on or after 1 April, 2013. ARTIC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authority of the other Contracting Party at the addresses given below, or such other address as may be notified by one Contracting Party to the other from time to time. Any subsequent communications regarding requests for information will be in writing between the earlier mentioned competent authorities or their authorised entities, whereas the possibility of direct consultation is being given. 5. Although the Agreement allows only for requests for information with regard to tax years beginning on or after April 1, 2013, the Agreement provides for exchange of documents or information created in or derived from a date preceding April 1, 2013, that are foreseeably relevant to a request relating to tax years beginning on or after April 1, 2013. Such information may be used only if there is an ongoing . investigation or examination with respect to a tax year that begins on or after April 1, 2013. For example: (a) if assistance is requested with respect to a taxpayer's bank transactions occurring after March 31, 2013, and documents such as, but not limited to, a signature card for the account in question were executed prior to March 31, 2013, the Contracting Parties would ..... X X X X Extracts X X X X X X X X Extracts X X X X
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