TMI BlogCentral Government notifies Agreement for Exchange of Country-by-Country Reports was entered into by the Government of the Republic of India and the Government of the United States of AmericaX X X X Extracts X X X X X X X X Extracts X X X X ..... he said Agreement and enclosed herewith as Annexure); And whereas, the said Agreement shall enter into force on the date on which the second of the two Parties has provided a written notification to the Government of the other jurisdiction in accordance with paragraph (1) of Article 5 of the said Agreement; Now, therefore, in exercise of the powers conferred by item (ii) of clause (b) of sub-section (9) of section 286 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the said Agreement, as set out in the Annexure hereto, and all the provision of the said Agreement shall be given effect to in the Union of India in accordance with paragraph (1) of Article 5 of the said Agreement. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Exchange of Information and Administrative Assistance) of the Convention between the Government of the Republic of India and the Government of the United States of America for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, together with a related protocol (the Convention ), signed at New Delhi on 12th September 1989 authorizes the exchange of information for tax purposes, including the automatic exchange of information; Now, therefore, the Parties have agreed as follows: ARTICLE 1 Definitions 1. For the purposes of this Agreement and the Arrangement described in paragraph 2 to Article 2 of this Agreement, the following terms shall have the meani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith respect to an MNE Group having a Reporting Entity resident for tax purposes in the United States, any Constituent Entity as defined in the relevant U.S. Treasury regulations; and (ii) with respect to an MNE Group having a Reporting Entity resident for tax purposes in India, any constituent entity as defined in the relevant section of the Income-tax Act, 1961; e) the term Reporting Entity means the Constituent Entity that, by virtue of domestic law in its jurisdiction of tax residence, files the CbC Report in its capacity to do so on behalf of the MNE Group; f) the term CbC Report means the Country-by-Country Report to be filed annually by the Reporting Entity in accordance with the laws of its jurisdic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicable tax laws of that Party prevailing over a meaning given to the term under other laws of that Party. ARTICLE 2 Exchange of Information with Respect to MNE Groups 1. Pursuant to the provisions of Article 28 of the Convention, the Competent Authority of each Party shall exchange with the Competent Authority of the other Party annually, on an automatic basis, the CbC Report received from each Reporting Entity that is resident for tax purposes in its jurisdiction, provided that, on the basis of the information provided in the CbC Report, one or more Constituent Entities of the MNE Group of the Reporting Entity are resident for tax purposes in the jurisdiction of the other Competent Authority, or are subj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bject to such terms of the Convention. ARTICLE 4 Consultations and Amendments 1. In case any difficulties in the implementation of this Agreement arise, either Party may request consultations to develop appropriate measures to ensure the fulfillment of this Agreement. 2. This Agreement may be amended by written mutual agreement of the Parties. Unless otherwise agreed upon, such an amendment shall enter into force through the same procedures as set forth in paragraph 1 of Article 5 of this Agreement. ARTICLE 5 Term of the Agreement 1. This Agreement shall enter into force on the date on which the second of the two Parties has provided a written notification to the Governm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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