TMI BlogDOUBLE TAXATION AGREEMENT - AGREEMENT FOR EXCHANGE OF INFORMATION AND ASSISTANCE IN COLLECTION WITH RESPECT TO TAXES WITH FOREIGN COUNTRIES - LIBERIA.X X X X Extracts X X X X X X X X Extracts X X X X ..... EMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE REPUBLIC OF LIBERIA FOR THE EXCHANGE OF INFORMATION AND ASSISTANCE IN COLLECTION WITH RESPECT TO TAXES The Government of the Republic of India and the Government of Republic of Liberia, desiring to facilitate the exchange of information and assistance in collection 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 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 competent authorities shall also lend assistance to each other in the collection of tax claims. The rights and safeguards secured to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 and value of the company; ( i ) the term "recognised stock exchange" means any stock exchange agreed upon by the competent authorities of the Contracting Parties; ( j ) the term "collective investment fund or scheme" means any pooled investment vehicle, irrespective of legal form. ( k ) the term "public collective investment fund or scheme" means any collective investment fund or scheme provided the units, shares or other i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, including nominees and trustees, acting in an agency or fiduciary capacity; ( b ) information regarding the legal and beneficial ownership of companies, partnerships, collective investment funds or schemes, trusts, foundations, "Anstalten" and other persons, including, within the constraints of Article 2, ownership information on all su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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. At the request of the competent authority of the requesting Party, the requested Party may allow representatives of the competent authority of the requesting Party to enter the territory of the requested Party, to the extent permitted under its domestic laws, to interview individuals and examine records with the prior written consent of the individuals or other persons concerned. The compe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect 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 shall not decline to provide information solely because the request does not include all the information required under Article 5 if the information can otherwise be provided according to the law of the requested Party. ARTICLE 8 ASSISTANCE IN THE COLLECTION OF TAX CLAIMS 1. The Contracting Parties shall lend assistance to each other in the collection of tax claims. 2. The term "tax claim" as used in this Article means an amount owed in respect of taxes as mentioned in Article 3, as well as interest, administrative penalties and costs of collection or conservancy related to such amount. 3. When a tax claim of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... administrative bodies of that Party. Nothing in this Article shall be construed as creating or providing any right to such proceedings before any court or administrative body of the other Contracting Party. 8. Where, at any time after a request has been made by a Contracting Party under paragraph 3 or 4 and before the other Contracting Party has collected and remitted the relevant tax claim to the first-mentioned Party, the relevant tax claim ceases to be: ( a ) in the case of a request under paragraph 3, a tax claim of the first-mentioned Party that is enforceable under the laws of that Party and is owed by a person who, at that time, cannot, under the laws of that Party, prevent its collection, or ( b ) in the case of a request under paragraph 4, a tax claim of the first-mentioned Party in respect of which that Party may, under its laws, take measures of conservancy with a view to ensure its collection, the competent authority of the first-mentioned Party shall promptly notify the competent authority of the other Party of that fact and, at the option of the other Party, the first-mentioned Party shall either suspend or withdraw its request. 9. In no case shall the ..... 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