India, Bahamas ink deal to share tax information

February 12th, 2011 - 7:07 pm ICT by IANS  

New Delhi, Feb 12 (IANS) India has signed a tax information exchange accord with the Bahamas, the fourth in a series of agreements intended to tighten the noose on tax evaders and track black money stashed in tax havens. The deal with the Caribbean island nation is the third signed by India within two weeks, the finance ministry said in a statement here Saturday.

“The agreement is based on international standard of transparency and exchange of information,” the statement said.

India signed similar agreements with British Virgin Islands, also in the Caribbean region, Wednesday and with the Isle of Man, a British dependency in the Irish Sea between Britain and Ireland, last week.

The first such agreement was signed with Bermuda, a Caribbean tax haven, in October last year.

Under this agreement, there is a specific provision for sharing banking and ownership information between two countries.

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