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

Income Tax - 80/2016 - Dated:- 8-9-2016 - MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 80/2016 (INCOME-TAX) New Delhi, the 8th September, 2016 S.O. 2894(E).-Whereas, an Agreement between the Government of the Republic of India and the Government of the Republic of Seychelles for the Exchange of Information with respect to Taxes (hereinafter referred to as the said Agreement) as set out in the Annexure to this notification, was signed at New Delhi on the 26th day of August, 2015; .....

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of said Agreement, as annexed hereto as Annexure, shall be given effect to in the Union of India, in accordance with Article 12 of the said Agreement. ANNEXURE AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE REPUBLIC OF SEYCHELLES FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES The Government of the Republic of India and the Government of the Republic of Seychelles, desiring to facilitate the exchange of information with respect to taxes have agreed as f .....

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or the investigation or prosecution of tax matters. Information shall be exchanged in accordance with the provision of this Agreement and shall be treated as confidential in the matter 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. Article 2 Jurisdiction Information shall be exchange in accordance with this .....

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Central Government or the Governments of political subdivisions or local authorities, irrespective of the manner in which they are levied; b) in Seychelles, taxes of every kind and description imposed by the Government, irrespective of the manner in which they are levied. 2. This Agreement shall also apply to any identical or substantially similar taxes imposed after the date of signature of this Agreement in addition to, or in place of, the existing taxes. The competent authorities of the Cont .....

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ing to the Indian law and in accordance with international law, including the U.N. Convention on the Law of the Sea; b) the term Seychelles means the territory of the Republic of Seychelles including its exclusive economic zone and continental shelf where Seychelles exercises sovereign rights and jurisdiction in conformity with the provisions of the U.N. Convention on the Law of the Sea; c) the term Contracting Party means India or Seychelles as the context requires; d) the term competent author .....

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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 p .....

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lective 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 interests in the fund or scheme can be readily purchased, sold or redeemed by the public. Units, shares or other interests in the fund or scheme can be readily purchased, sold or redeemed by the public if the purchase, sale or redemption is not implicitly or exp .....

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e or judicial procedures that enable a Contracting Party to obtain and provide the requested information; p) the term information means any fact, statement, document or record in any form whatever. 2. As regards the application of this Agreement at any time by a Contracting Party, any term not defined therein shall, 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 .....

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nduct 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 informatio .....

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vide upon request: (a) information held by banks, other financial institutions, and any persons acting in an agency or fiduciary capacity including nominees and trustees; (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 such persons in an ownership chain; in the case of collective investment .....

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blic collective investment funds or schemes unless such information can be obtained without giving rise to disproportionate difficulties. 5. The competent authority of the requesting Party shall provide the following information to the competent authority of the requested Party when making a request for information under the Agreement to demonstrate the foreseeable relevance of the information to the request: (a) the identity of the person under examination or investigation; (b) the period for w .....

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ieved 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 Agreeme .....

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ting 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 .....

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etent authority of the requesting Party shall notify the competent authority of the requested Party of the time and place of the intended meeting with the individuals concerned. 2. 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 be present at the appropriate part of a tax examination in the territory of the requested Party. 3. If the request referred to in paragraph 2 is acceded .....

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cle 7 Possibility of Declining a Request for information 1. The competent authority of the requested Party may decline to assist: (a) where the request is not made in conformity with this Agreement; or (b) where the requesting Party has not pursued all means available in its own territory to obtain the information, except where recourse to such means would give rise to disproportionate difficulty; or (c) where disclosure of the information would be contrary to public policy (ordre public) of the .....

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ient 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 (iii) 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 inf .....

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ely 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. 6. 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 of the requested Party as compared with a national .....

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Such persons or authorities shall use such information only for such purposes. They may disclose the information in public court proceedings or in judicial decisions. The information may not be disclosed to any other person or entity or authority or any other jurisdiction without express written consent of the competent authority of the requested Party. Article 9 Costs 1. Unless the competent authorities of the Contracting Parties otherwise agree, ordinary costs incurred in providing assistance .....

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t from time to time with regard to this Article. 4. Ordinary costs include internal administration costs, any minor external costs and overhead expenses incurred by the requested Party in reviewing and responding to information requests submitted by the requested Party. Examples of extraordinary costs incurred in providing assistance include, but are not limited to the following: (a) reasonable fees charged by third parties for copying documents on behalf of the requested Party; (b) reasonable c .....

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greement. Article 11 Mutual Agreement Procedure 1. Where difficulties or doubts arise between the Contracting Parties regarding the implementation or interpretation of the Agreement, the competent authorities shall endeavour to resolve the matter by mutual agreement. 2. In addition, the competent authorities of the Contracting Parties may mutually agree on the procedures to be used under Article 5 and 6 of this Agreement. 3. The competent authorities of the Contracting Parties may communicate wi .....

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