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DTAA agreement with Bermuda. - 05/2011 - Income Tax

Extract

..... rs covered in Article 1, for taxable periods beginning on or after that date, or where there is no taxable period, for all charges to tax arising on or after that date; 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 said Agreement, as set out in the Annexure hereto, shall be given effect to in the Union of India with respect to criminal tax matters immediately and with respect to all other matters covered in Article 1, for taxable periods beginning on or after the 3rd day of November, 2010, or where there is no taxable period, for all charges to tax arising on or after the 3rd day of November, 2010. AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND BERMUDA AS AUTHORISED BY THE GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES The Government of the Republic of India and the Government of Bermuda, desiring to enhance co-operation and facilitate the exchange of information with respect to taxes, have agreed as follows: Article 1 Object and Scope of the Agreement The compe .....

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DTAA agreement with Bermuda. - 05/2011 - Income Tax

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..... er rights and jurisdiction, according to the Indian law and in accordance with international law, including the U.N. Convention on the Law of the Sea; (b) the term “Bermuda” means the Islands Bermuda; (c) the term Contracting Party” meansIndiaorBermudaas the context requires; (d) the term “competent authority’ means (i) in the case ofIndia, the Finance Minister, Government of India, or his authorized representative; (ii) in the case ofBermuda, the Minister of Finance or an authorized representative of the Minister; (e) the term ‘person” includes an individual, a company, a body of persons and any other entity which is treated as a taxable unit under the taxation laws in force in the respective Contracting Parties; (f) the term “company” means any body corporate or any entity that is 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 sh .....

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DTAA agreement with Bermuda. - 05/2011 - Income Tax

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..... , unless the context otherwise requires or the competent authorities agree to a common meaning pursuant to the provisions of Article 11 of this Agreement, have the meaning that it has at that time under the law of that Party, any meaning under the applicable tax laws of that Party prevailing over a meaning given to the term under other laws of that Party. Article 5 Exchange of Information Upon Request 1. The competent authority of the requested Party shall provide upon request information for the purposes referred to in Article 1. Such information shall be exchanged without regard to whether the requested Party needs such information for its own tax purposes or whether the conduct being investigated would constitute a crime under the laws of the requested Party if such conduct occurred in the requested 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 ta .....

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DTAA agreement with Bermuda. - 05/2011 - Income Tax

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..... of any person believed to be in possession or control of the requested information; (g) a statement that the request is in conformity with the laws and administrative practices of the requesting Party, that if the requested information was within the jurisdiction of the requesting Party then the competent authority of the requesting Party would be able to obtain the information under the laws of the requesting Party or in the normal course of administrative practice and that it is in conformity with this Agreement: (h) a statement 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. 7. 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 au .....

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DTAA agreement with Bermuda. - 05/2011 - Income Tax

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..... usiness, industrial, commercial or professional secret or trade process, provided that information described in paragraph 4 of Article 5 shall not be treated as such a secret or trade process merely because it meets the criteria in that paragraph; or (ii) to obtain or provide information, which would reveal confidential communications between a client and an attorney, solicitor or other admitted legal representative where such communications are: (a) produced for the purposes of seeking or providing legal advice or (b) produced for the purposes of use in existing or contemplated legal proceedings; or (ii) to carry out administrative measures at variance with its laws and administrative 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 in similar circumstances under its own laws for the purpose of the administration or enforcement of its own tax laws .....

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DTAA agreement with Bermuda. - 05/2011 - Income Tax

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..... In addition, the competent authorities of the Contracting Parties may mutually agree on the procedures to be used under Articles 5 and 6 of this Agreement. 2. The competent authorities of the Contracting Parties may communicate with each other directly for purposes of reaching agreement under this Article. Article 12 Entry into Force 1 The Contracting Parties shall notify each other in writing of the completion of the procedures required by the respective laws for the entry into force of this Agreement. 2. This Agreement shall enter into force on the date of the later of the notifications referred to in paragraph 1 of this Article and shall thereupon have effect- (a) with respect to criminal tax matters on that date; and (b) with respect to all other matters covered in Article 1, for taxable periods beginning on or after that date, or where there is no taxable period, for all charges to tax arising on or after that date. Article 13 Termination 1. This Agreement shall remain in force until terminated by either Contracting Party. 2. Either Contracting Party may, after the expiry of five years from the date of its entry into force, terminate the Agreement by serving a written notice .....

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DTAA agreement with Bermuda. - 05/2011 - Income Tax

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