India and Belize have signed a Tax Information Exchange Agreement (TIEA) on 18 September, 2013 at Belize. The Agreement has been signed by Ambassador Sujan R. Chinoy, High Commissioner of India to Belize on behalf of India and Hon. Dean O. Barrow, Prime Minister and Minister of Finance and Economic Development on behalf of Belize. Salient features of the agreement with Belize are:
- The agreement is based on international standard of transparency and exchange of information.
- The agreement provides for exchange of information that is foreseeably relevant to the administration and enforcement of the domestic tax laws.
- The agreement has a specific provision that the requested Party shall use its information-gathering measures to obtain the requested information even though that Party may not need such information for its own tax purposes.
- The agreement provides for exchange of banking and ownership information.
- The agreement provides for the representatives of the competent authority of the requesting Party to enter the territory of the requested Party to interview individuals and examine records.
- The Agreement is expected to further strengthen tax cooperation between India and Belize.
Dated: 18 September, 2013