Article 1 - Object and Scope of the Agreement - Isle of Man

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 13th May, 2011 (INCOME-TAX) S.O. 1048(E). Whereas, an Agreement between the Government of Republic of India and the Government of the Isle of Man for the Exchange of Information with respect to taxes was signed at London on the 4th day of February, 2011; And whereas, the date of entry into force of the said Agreement is the 17th day of March, 2011, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement, in accordance with paragraph 2 of article 13 of the said Agreement; And whereas, sub-paragraph (a) of paragraph 2 of article 13 of the said Agreement provides that the provisions of the said Agreement shall have effect for criminal tax matters on that date and sub-paragraph (b) of paragraph 2 of article 13 of the said Agreement provides that the provisions of the said Agreement shall have effect for all other matters covered in article 1, on that date, but only in respect of taxable periods beginning on or after the date of signature of this Agreement or, where there is no taxable period, all charges to tax arising on or after the date of signature; Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby directs that all the provisions of the Agreement between the Government of Republic of India and Government of the Isle of Man for the Exchange of Information with respect to taxes, as set out in the Annexure hereto, shall be given effect to in the Union of India for criminal tax matters immediately and for all other matters covered in article 1, on 17th day of March, 2011, but only in respect of taxable periods beginning on or after the 4th day of February, 2011 or where there is no taxable period, for all charges to tax arising on or after the 4th day of February, 2011. [Notification No. 26/2011/F. No. 503/01/2008-FTD-I] SANJAY KUMAR MISHRA, Jt. Secy. AGREEMENT BETWEEN THE GOVERNMENT OE THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE ISLE OF MAN FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES Whereas the Government of the Republic of India and the Government of the Isle of Man ( the Contracting Parties ) wish to enhance and facilitate the terms and conditions governing the exchange of information with respect to taxes; Whereas it is acknowledged that the Isle of Man under the terms of its Entrustment from the United Kingdom has the right to negotiate, conclude, perform and, subject to the terms of this Agreement, terminate a Tax Information Exchange Agreement with India; Now, therefore, the Contracting Parties have agreed to conclude the following Agreement, which contains obligations on the part of the Contracting Parties only: Article 1 Object and Scope of the Agreement The competent authorities of the Contracting Parties shall provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the Contracting Parties concerning taxes covered by this Agreement. Such information shall include information that is foreseeably relevant to the determination, assessment and collection of such taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of tax matters. Information shall be exchanged in accordance with the provisions of this Agreement. The rights and safeguards secured to persons by the laws or administrative practice of the Requested Party remain applicable to the extent that they do not unduly prevent or delay effective exchange of information.