Article 1 - Object and Scope of The Agreement - Gibraltar

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 1 st April, 2013 (INCOME-TAX) S.O. 924(E). Whereas, an Agreement between the Government of the Republic of India and the Government of Gibraltar for the Exchange of Information with respect to taxes was signed at London on the 1st day of February, 2013(hereinafter referred to as the Agreement): And whereas, the date of entry into force of the Agreement is the 11th day of March, 2013, 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 Agreement, in accordance with the provisions of article 12 of the Agreement; 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 the Republic of India and the Government of Gibraltar 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 with effect from date of entry into force i.e the 11th March, 2013. [Notification No. 28/2013/F. No. 503/11/2009-FTD-I] AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF GIBRALTAR FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES Whereas the Government of the Republic of India and the Government of Gibraltar the Contracting Parties wish to enhance and facilitate the terms and conditions governing the exchange of information relating to taxes; Whereas it is acknowledged that Gibraltar under the terms of its Entrustment from the UK 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 India and Gibraltar 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 and shall be treated as confidential in the manner provided in Article 8. 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.