Revised tax treaties to exchange info for other purposes, says government
India has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which also similarly facilitates exchange of information.india Updated: Feb 03, 2017 16:22 IST
India has revised 40 treaties for avoidance of double taxation so that the information exchanged with partner nations on tax matters can also be utilised for other purposes including criminal proceedings, Parliament was informed on Friday.
“Treaty partner countries have been requested to modify the tax treaties, so as to explicitly include provisions that will enable information exchanged for tax purposes to be utilised for other purposes, including criminal proceedings in non-tax matters,” minister of state for finance Santosh Kumar Gangwar said in a written reply to Rajya Sabha.
“40 treaties for avoidance of double taxation have been revised accordingly,” he said.
In addition, Gangwar said, India has signed “the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which also similarly facilitates exchange of information”.
These developments enable use of such information by non-tax agencies, subject to agreement by the Competent Authorities of the Requested Contracting State, he said.
Replying to a separate question, Gangwar said the enforcement directorate has provisionally attached assets of worth Rs 9,298 crore in 2016.
The minister said as per estimate, over 2,000 tonnes of gold is held by household, trusts and various institutions in India.