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TMI BlogAgreement between the Government of the Republic of India and the Government of Republic of Maldives for the Exchange of Information with respect to taxesX X X X Extracts X X X X X X X X Extracts X X X X ..... t, 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 MALDIVES FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES The Government of the Republic of India and the Government of the Republic of Maldives, desiring to facilitate the exchange of information 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 and shall be treated as confidential in the manner provided in Article 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of Maldives, the Maldives Inland Revenue Authority, or its authorized representative; (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 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 (i) in India, the National Stock Exchange, the Bombay Stock Exchange, and any other stock exchange recognised by the Securities and Exchange Board of India; (ii)in Maldives, the Maldives Stock Exchange; and (iii) any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estigated 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ritory 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or providing legal advice or b. produced for the purposes of use in existing or contemplated legal proceedings; or c) to carry out administrative measures at variance with the laws and administrative practices of the Contracting Party, 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 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. 6. The requested Party may decline a request for information if the information is requested by the requesting Party to administer or enfo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gree on the procedures to be used under Articles 5, 6 and 9 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, through diplomatic channels, 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 forthwith. 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 entry into force, terminate this Agreement by serving a written notice of termination to the other Contracting Party through diplomatic channels. 3. Such termination shall become effective on the first day of the month following the expiration of a period of six months after the date of receipt of notice of termination by the other Contracting Party. All request ..... X X X X Extracts X X X X X X X X Extracts X X X X
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