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India signs multilateral agreement on tax Information sharing

India signs multilateral agreement on tax Information sharing

  • As per the OECD, India and several other countries have signed several key agreements in Beijing, China.
  • The countries who have signed multilateral agreement are India, Canada, Iceland, Israel, New Zealand and China
  • Several other countries who had alreadly signed the multilateral agreement are Australia, France, Germany, Japan, Liechtenstein, Malaysia, Italy and the UK.
  • Key Areas of Agreements:
    • The multilateral agreement for the automatic exchange of information on tax issues and developing new tools to tackle the tax evasion.
    • The Multilateral Competent Authority agreement to boost transparency by multinational enterprises.
  • Key Points:
    • The agreement allows all countries to exchange their Reports with each other.
    • The above agreement will ensure the tax administrations obtain a complete understanding of the multinational enterprises structure and their operation.
    • It will also ensure the confidentiality of such information.
  • Organisation for Economic Co-operation and Development (OECD):-
    • The OECD is an international economic organization. It consists of 34 member countries.
    • It was founded in 1961.
    • It aims to stimulate economic progress and world trade.
    • The OECD's headquarters is in Paris, France.
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