India and Germany to Continue Exchange of Tax Related Information

Shaktikanta Das
Shaktikanta Das

A High Level delegation led by the Revenue Secretary Shri Shaktikanta Das had a meeting with the State Secretary Mr. Johannes Geismann and other senior officers of the Federal Ministry of Finance, Germany in Berlin on 17th August, 2015. During the meeting issues relating to exchange of tax related information, BEPS Project, DTAA negotiations etc. were discussed.

Three important outcomes of the visit of the delegation as agreed between the two sides are as follows:

(1) It was agreed that India and Germany will continue to exchange tax related information spontaneously on the basis of the existing agreements. It was also agreed to explore other possibilities of enhancing exchange of information.

(2) As signatories to the Multilateral Competent Authority Agreement regarding automatic exchange of information on financial accounts, Germany and India will begin negotiations as soon as possible towards a memorandum of understanding laying out the technical details of automatic information exchanges on financial accounts.

(3) India and Germany agreed to resume negotiations on partial revision of the DTAA between the two countries with a view to bring the provisions relating to exchange of information to international standards. It was also agreed that both sides would meet in New Delhi in September, 2015 and strive to agree on a final version to ensure that it is signed soon. (It may be noted that an amending Protocol to the existing DTAA was last discussed by the Competent Authorities of the two countries in New Delhi in April, 2011, but further progress in the matter could not be made.

This meeting between the Indian and German authorities was in furtherance of Government’s policy of proactive engagement with other countries for Exchange of Information to counter the menace of tax evasion and stashing of black money abroad. The outcome of the visit of this delegation represents an important landmark in enhancing cooperation and mutual assistance in tax matters between India and Germany.

IndianBureaucracy.com wishes the very best and hopes people become more nationalistic in nature and not thinking about their personal lives.

Be the first to comment

Leave a Reply

Your email address will not be published.


*