TMI BlogAgreement between the Government of the Republic of India and the Republic of the Marshall Islands 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 ..... on 90 of the Income-tax Act, 1961 (43 of 1961) , the Central Government hereby notifies that all the provisions of the said Agreement shall be given effect to in the Union of India. ANNEXURE AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE REPUBLIC OF THE MARSHALL ISLANDS FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS The Government of the Republic of India and the Government of Republic of the Marshall Islands, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ic of the Marshall Islands means any land territory within the territorial limits of the Republic of the Marshall Islands, and includes the internal waters and territorial sea of the Republic of the Marshall Islands; c) The term Contracting Party means India or the Republic of the Marshall Islands as the context requires; d) The term competent authority means i) In the case of India, the Finance Minister, Government of India, or its authorized representative; ii) In the case of the Republic of the Marshall Islands, the Secretary of Finance or an 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 anybody 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 recognized stock exchange provided its listed shares can be readily purchased or sold by the public. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat it has at that time under the law of that Party, any meaning under the applicable tax laws of that party prevailing over a meaning given to the term under other laws of that Party. Article 5 Exchange of Information upon Request 1. The competent authority of the requested Party shall provide upon request information for the purpose 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 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 competen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent known, the name and address of any person believed to be in possession or control of the requested information; g) A statement that the requesting Party has pursued all means available in its own territory 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 the 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 obsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss merely because 'it meets the criteria in that paragraph; or ii) to obtain or provide information, which would reveal confidential communication 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 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent) without the express written consent of the competent authority of the requested Party. 2. The information referred to in paragraph 1 may also be disclosed to and used by any officer, authority or body performing any function under any law relating to: the imposition of any tax, duty, or cess; dealings in foreign exchange; the prevention of illicit traffic in narcotic drugs and psychotropic substances; or the prevention of corruption, terrorist activities, or money laundering. 3. Notwithstanding the foregoing, information received by a Contracting Party may be disclosed to such other person and used for such other purposes as allowed under the laws of both Parties and authorized by the competent authority of the Party supplying the information. Article 12 Termination 1. This Agreement shall remain in force until terminated by either Contracting Party. 2. Either Contracting Party may terminate the 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 follo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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