United Nations: At a time when the focus is on illicit income stashed away in foreign accounts, India yesterday entered into an information exchange pact with the Caribbean islands nation of Saint Kitts and Nevis that is regarded as a safe haven for offshore funds.
The agreement is modelled on other tax information exchange agreements and would cover taxes imposed by both countries. It would include information on domestic tax laws of each country in terms of assessment, tax claims and prosecution. The agreement would also include information on banking details, ownership information of companies and information relevant to administration of domestic laws and taxes in both the countries.
India has also signed information exchange pacts on tax matters with a number of tax-haven locations including Bahamas, Bermuda, Liechtenstein, Gibraltar, British Virgin Islands, Isle of Man, Cayman Islands, Jersey, Macau, Liberia, Argentina, Guernsey and Monaco, among others. IANS
