Bahamas
| Updated at | May 2011 |
Whereas, an Agreement between the Government of the Republic of India and the Government of the Commonwealth of The Bahamas for the Exchange of Information with respect to taxes was signed at Nassau, Bahamas on the 11th day of February, 2011 (hereinafter referred to as the said Agreement);
And whereas, the date of entry into force of the said Agreement is the 1st day of March, 2011, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement, in accordance with paragraph 2 of article 13 of the said Agreement;
And whereas, paragraph 2 of article 13 of the said Agreement provides that the provisions of the said Agreement shall have effect with respect to all matters described in article 1, for all taxable periods beginning on or after the date of signing of the Agreement or, where there is no taxable period, for all charges to tax arising on or after the date of signing of the Agreement;
Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby directs that all the provisions of the Agreement between the Government of the Republic of India and the Government of the Commonwealth of the Bahamas for the exchange of information with respect to taxes, as set out in the Annexure hereto, shall be given effect to in the Union of India with respect to all matters described in article 1, for all taxable periods beginning on or after the date of signing of the Agreement (i.e. the 11th day of February, 2011) or, where there is no taxable period, for all charges to tax arising on or after the date of signing of the Agreement.
Agreement
Between
The Government of the Republic of India
And
The Government of the Commonwealth of the Bahamas
For
The Exchange of Information
With Respect to Taxes
The Government of the Republic of India and the Government of the Commonwealth of The Bahamas, desiring to facilitate the exchange of information with respect to taxes, have agreed as follows:
Article 1
Object and Scope of the Agreement
The competent authorities of the Contracting Parties shall provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the Contracting Parties concerning taxes covered by this Agreement. Such information shall include information that is foreseeably relevant to the determination, assessment and collection of such taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of tax matters. Information shall be exchanged in accordance with the provisions of this Agreement, and shall be treated as confidential in the manner provided in Article 8. The rights and safeguards secured to persons by the laws or administrative practice of the requested Party remain applicable to the extent that they do not unduly prevent or delay effective exchange of information.
Article 2
Jurisdiction
Information shall be exchanged in accordance with this Agreement without regard to whether the person to whom the information relates is, or whether the information is held by, a resident of a Contracting Party. However, a requested Party is not obliged to provide information which is neither held by its authorities nor is in the possession or control of persons who are within its territorial jurisdiction.
Article 3
Taxes Covered
-
The taxes which are the subject of this Agreement are:
(a) in India, taxes of every kind and description imposed by the Central Government or the Governments of political subdivisions or local authorities, irrespective of the manner in which they are levied;
(b) in The Bahamas, taxes of every kind and description.
-
This Agreement shall also apply to any identical or substantially similar taxes imposed after the date of signature of this Agreement in addition to, or in place of, the existing taxes. The competent authorities of the Contracting Parties shall notify each other of any substantial changes to the taxation and related information gathering measures, which may affect the obligations of that Party pursuant to this Agreement, within a reasonable time.
Article 4
Definitions
-
For the purposes of this Agreement, unless otherwise defined:
(a) the term "India" means the territory of India and, includes the territorial sea and airspace above it, as well as any other maritime zone in which India has sovereign rights, other rights and jurisdiction, according to the Indian law and in accordance with international law, including the U.N. Convention on the Law of the Sea;
(b) the term "The Bahamas" means the Commonwealth of The Bahamas encompassing the land, the territorial waters, and in accordance with international law and the laws of The Bahamas any area outside the territorial waters inclusive of the exclusive economic zone and the seabed and subsoil over which The Bahamas exercises jurisdiction and sovereign rights for the purpose of exploration, exploitation and conservation of natural resources;
(c) the term "Contracting Party" means India or The Bahamas as the context requires;
(d) the term "competent authority" means
(i) in the...
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