TMI BlogDouble Taxation Agreement - Agreement for Exchange of Information with respect to Taxes with Guernsey.X X X X Extracts X X X X X X X X Extracts X X X X ..... s of Guernsey 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 the 11th June, 2012, that is, the date of entry into force of the said Agreement. AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE STATES OF GUERNSEY FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES Whereas the Government of the Republic of India and the States of Guernsey (the "Contracting Parties"), desiring to enhance and facilitate the terms and conditions governing the exchange of information with respect to taxes; Whereas it is acknowledged that the States of Guernsey has the right under the terms of its Entrustment from the UK to negotiate, conclude, perform and subject to the terms of this Agreement terminate a tax information exchange agreement with the Government of the Republic of 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 Contracting Parties, through their competent au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with international law, including the U.N. Convention on the Law of the Sea; ( b ) "Guernsey" means Guernsey, Alderney and Herm, including the territorial sea adjacent to those islands in accordance with international law; ( c ) "collective investment fund or scheme" means any pooled investment vehicle, irrespective of legal form; ( d ) "company" means any body corporate or any entity that is treated as a body corporate for tax purposes; ( e ) "competent authority" means ( i ) in the case of India, the Finance Minister, Government of India, or its authorized representative; ( ii ) in the case of Guernsey, the Director of Income-tax or his delegate; ( f ) "criminal tax matters" means tax matters involving intentional conduct whether before or after the entry into force of this Agreement which is liable to prosecution under the criminal laws or the laws relating to taxes covered by this Agreement of the requesting Party; ( g ) "information" means any fact, statement, document or record in whatever form; ( h ) "information gathering measures" means laws and administrative or judicial procedures that enable a requested Party to obtain and provide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er other laws of that Contracting 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. The competent authority of the requesting Party shall only make a request for information pursuant to this article when it is unable to obtain the requested information by other means, except where recourse to such means would give rise to disproportionate difficulty. 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, the requested Party shall use all relevant information gathering measures necessary 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person within the jurisdiction of the requested Party; ( f ) to the extent known, the name and address of any person believed to be in possession or in control of or able to obtain 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 acknowledge receipt of the request to the competent authority of the requesting Party and shall use its best endeavours to forward the requested information as promptly as possible to the requesting Party. Article 6 Tax Examinations Abroad 1. At the request of the competent authority, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relevant Contracting Party; or ( c ) to carry out administrative measures at variance with its laws and administrative practices, provided nothing in this sub-paragraph 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 or in response to a valid request from the requested Party under this Agreement. 5. The requested Party may decline a request for information if the information is requested by the requesting Party to administer or enforce a provision of the tax law of the requesting Party, or any requirement connected therewith, which discriminates against a national or citizen of the requested party as compared with a national or citizen of the requesting Party in the same circumstances. Article 8 Implementation Legislation The Contracting Parties shall enact an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of reaching agreement under this Article. Article 13 Protocol The attached Protocol shall be an integral part of this Agreement. Article 14 Entry into Force 1. The Contracting Parties shall notify each other in writing of the completion of their procedures for entry into force of this Agreement. 2. This Agreement shall enter into force on the date of receipt of the later of the notifications referred to in paragraph 1 of this Article and shall thereupon have effect forthwith: ( a ) for criminal tax matters on that date; and ( b ) for all other matters covered in Article 1 on that date, but only in respect of taxable periods beginning on or after that date or, where there is no taxable period, all charges to tax arising on or after that date. Article 15 Termination 1. This Agreement shall remain in force until terminated by either Contracting Party. 2. Either Contracting Party may, after the expiry of two years from the date of its entry into force, terminate this Agreement by serving a written notice of termination to the other Contracting Party through appropriate channels. 3. Such termination shall become effective on the first day of the mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to, the following: ( i ) reasonable costs of reproducing and transporting documents or records to the Competent Authority of the requesting Party; ( ii ) reasonable fees imposed by a financial institution or other third party record keeper for copying records and research related to a specific request for information; ( iii ) reasonable costs for stenographic reports of interviews, depositions or testimony; ( iv ) reasonable fees and expenses, determined in accordance with amounts allowed under applicable law, of a person who voluntarily appears in India or Guernsey for an interview, deposition or testimony relating to a particular information request; and ( v ) reasonable legal fees for non-government counsel appointed or retained with approval of the Competent Authority of the requesting Party, for litigation in the courts of the requested Party related to a specific request for information; ( b ) "extraordinary costs" do not include ordinary administrative and overhead expenses incurred by the requested Party in reviewing and responding to information requests submitted by the requesting Party. In witness whereof the undersigned, being duly authorized theret ..... X X X X Extracts X X X X X X X X Extracts X X X X
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