The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Agreement between India and St. Vincent and the Grenadines for assistance in the collection and exchange of information regarding taxes.
Black Money
The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the agreement between India and St Vincent and the Grenadines for assistance in the exchange and collection of tax related information. St. Vincent and the Grenadines are bilateral countries. According to the official statement, the agreement between India and St. Vincent and the Grenadines will help in facilitating the exchange of information between the two countries.
This information also includes information about legal and beneficial ownership of banks and other financial institutions. In fact, India was ready to make this agreement for a long time and was continuously negotiating this issue. Now both the countries have agreed to this agreement.
Will help in reducing black money and tax evasion
It will also facilitate the collection of tax-claims between the two countries. Thus, it will strengthen India’s commitment to combat tax evasion and tax evasion abroad that aid in the generation of black money. According to the statement, the Union Cabinet chaired by Prime Minister Narendra Modi has approved an agreement between India and St. Vincent and the Grenadines for assistance in the collection and exchange of information on taxes.
India wanted to make a deal for a long time
The agreement also includes provisions for tax investigations abroad. Under this, a country can allow representatives of another country to enter its territory to interact with the persons concerned and to check records for tax purposes. There was no such agreement in the past with St. Vincent and the Grenadines. India was negotiating for this agreement for a long time.
agreed upon agreement
St. Vincent and the Grenadines agreed to finalize this agreement with India. It will promote tax cooperation between the two countries through exchange of information and assistance for collection of outstanding tax claims of both the countries.
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