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Agreement between the Government of the Republic of India and the Government of the Republic of San Marino for the Exchange of Information with respect to taxes

Agreement between the Government of the Republic of India and the Government of the Republic of San Marino for the Exchange of Information with respect to taxes - Income Tax - 63/2015 - Dated:- 12-8-2015 - [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE Notification No. 63/2015 New Delhi, the 12th August, 2015 S.O.(E).- Whereas, an agreement (hereinafter referred to as the said agreement .....

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Article 11 of the said agreement; 3. And whereas, paragraph 2 of Article 11 of the said agreement provides that the agreement shall enter into force on the date of later of the notifications and shall thereupon have effect forthwith; 4. 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 provisions of the said agreement between the Government of the Republic of India and the Government of the Re .....

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the Government of the Republic of San Marino, desiring to facilitate the exchange of information with respect to taxes have agreed as follows: ARTICLE 1 OBJECT AND SCOPE OF THE AGREEMENT 1. 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 informati .....

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ot unduly prevent or delay effective exchange of information. ARTICLE 2 JURISDICTION Information shall be exchanged in accordance with this Agreement without regard to whether the person to whom the information relates is, or whether the information is held by, a resident of a Contracting Party. However, the Requested Party is not obliged to provide information which is neither held by its authorities nor is in the possession or control of persons who are within its territorial jurisdiction. ART .....

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of this Agreement in addition to, or in place of the existing taxes. The competent authorities of the Contracting Parties shall notify each other of any substantial changes to the taxation and related information gathering measures and assistance in collection measures which may affect the obligations of that Party pursuant to this Agreement. ARTICLE 4 DEFINITIONS 1. For the purposes of this Agreement, unless otherwise defined: (a) the term "India" means the territory of India and incl .....

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ns: (i) in the case of India, the Finance Minister, Government of india, or its authorized representative; (ii) in the case of San Marino, the Central Liaison Office (CLO), as the Authority designed by domestic Law for the purpose of Exchange of information; (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; (e) the term "company&q .....

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pal 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" shell bear the meaning 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 investm .....

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eans the Contracting Party- (i) submitting a request for information to, or (ii) having received information from the requested Party. (n) the term "requested Party" means the Contracting Party- (i) which is requested to provide information, or (ii) which has provided information. (o) the term "information gathering measures" means laws and administrative or judicial procedures that enable a Contracting Party to obtain and provide the requested information; (p) the term " .....

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meaning given to the term under other laws of that Party. ARTICLE 5 EXCHANGE OF INFORMATION UP ON 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 i .....

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ompetent 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 acting in an agency, acting in an agency or .....

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settlors, trustees and beneficiaries; in the case of foundations, information on founders, members of the foundation council and beneficiaries and equivalent information in case of entities that are neither trusts nor foundations. 5. This Agreement does not create an obligation on the Contracting Parties to obtain or provide ownership information with respect to publicly traded companies or public collective investment funds or schemes unless such information can be obtained without giving rise .....

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questing Party would prefer to receive it; (d) the tax purpose for which the information is sought; (e) grounds for believing that the information requested is present in the requested Party or is in the possession or control of a 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 the requested information; (g) a statement that the request is in conformity with the laws and administrativ .....

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d 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 .....

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ty of the requesting Party, the requested Party may, following receipt of notice of a reasonable time from the requesting Party 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 competent authority of the requesting Party shall notify the competent autho .....

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ty of the requesting Party about the time and place of the examination, the authority or official designated to carry out the examination and the procedures and conditions required by the requested Party for the conduct of the examination. All decisions with respect to the conduct of the tax examination shall be made by the Party conducting the examination. ARTICLE 7 POSSIBILITY OF DECLINING A REQUEST FOR INFORMATION 1. The competent authority of the requested Party may decline to assist: (a) wh .....

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se any trade, business, industrial, commercial or professional secret or trade process. Notwithstanding, foregoing 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 (b) 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: (i) produced for the p .....

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y 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 pr .....

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by a Contracting Party under this Agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts, administrative bodies) in the jurisdiction of the Contracting Party concerned with the assessment or collection of, the enforcement or prosecution in respect of, or the determination of appeals in relation to, the taxes covered by this Agreement. Such persons or authorities shall use such information only for such purposes. They may disclose the info .....

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