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

Income Tax - 76/2016 - Dated:- 2-9-2016 - MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 76/2016 New Delhi, the 2nd September, 2016 (Income-Tax) . S.O. 2865(E).-Whereas, an 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 (hereinafter referred to as the said Agreement) as set out in the Annexure to this notification, was signed at New Delhi on the 11th day of April, 2016; A .....

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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 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 follo .....

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he 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. 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 A Requested Party is not obliged to provide information w .....

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cordance with the law 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 Contracting Parties shall notify each other of any substantial changes to the taxation and related information gathering measures which may affect the obligations of that Party pursuant to this Agreement .....

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ial sea, continental shelf, sea-bed, sub-soil (and their natural resources) and airspace, as well as any maritime zone in which the Maldives has sovereign rights, other rights and jurisdiction, according to the law of the Maldives and in accordance with international law, including the United Nations Convention on the Law of the Sea; c) the term Contracting Party means India or Maldives as the context requires; d) the term competent authority means (i) in the case of India, the Finance Minister, .....

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ed 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 recognis .....

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ent 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 explicitly restricted to a limited group of investors; l) the term tax means any tax to which this Agreement applies; m) the term requestin .....

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, statement, document or record in whatever form; q) the term national means: (i)any individual possessing the nationality of a Contracting Party; (ii)any legal person, partnership or association deriving its status as such from the laws in force in a Contracting Party. 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 .....

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d 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. 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 request .....

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his 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 and other persons, including, within the constraints of Article 2, ownership information on all such persons in an ownership chain; .....

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rovide ownership information with respect to publicly traded companies or public collective investment funds or schemes unless such information can be obtained without giving rise to disproportionate difficulties. 6. 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 iden .....

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ted Party; f) to the extent known, the name and address of any person believed 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 o .....

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ceipt 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 i .....

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itten consent of the individuals or other persons concerned. The competent 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 one Contracting Party, the competent authority of the other Contracting Party may allow representatives of the competent authority of the first-mentioned Party to be present at the appropriate part of a ta .....

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ect 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) 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; .....

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) 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: 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 c) to carry out administrative measures at variance with the laws and administrative practices of the Contracting Party, provided nothing in this su .....

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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 enforce a provision of the tax law of the requesting Party, or any requirem .....

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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 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 the express written consent of the competent authority of the requested Party. Article 9 Administrative .....

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consult each other, in advance, in any particular case where extraordinary costs are likely to exceed USD 500 to determine whether the requesting Party will continue to pursue the request and bear the cost. 3. The competent authorities shall consult each other as and when necessary with regard to this Article. Article 10 Implementation Legislation The Contracting Parties shall enact any legislation necessary to comply with, and give effect to, the terms of the Agreement. Article 11 Mutual Agree .....

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