Isle of Man
Whereas, an Agreement between the Government of Republic of India and the Government of the Isle of Man for the Exchange of Information with respect to taxes was signed at London on the 4th day of February, 2011;
And whereas, the date of entry into force of the said Agreement is the 17th 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, sub-paragraph (a) of paragraph 2 of article 13 of the said Agreement provides that the provisions of the said Agreement shall have effect for criminal tax matters on that date and sub-paragraph (b) of paragraph 2 of article 13 of the said Agreement provides that the provisions of the said Agreement shall have effect for all other matters covered in article 1, on that date, but only in respect of taxable periods beginning on or after the date of signature of this Agreement or, where there is no taxable period, all charges to tax arising on or after the date of signature;
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 Republic of India and Government of the Isle of Man 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 for criminal tax matters immediately and for all other matters covered in article 1, on 17th day of March, 2011, but only in respect of taxable periods beginning on or after the 4th day of February, 2011 or where there is no taxable period, for all charges to tax arising on or after the 4th day of February, 2011.
The Government of the Republic of India
And the Government of the ISLE of Man
The Exchange of Information
With Respect to Taxes
Whereas the Government of the Republic of India and the Government of the Isle of Man ("the Contracting Parties") wish to enhance and facilitate the terms and conditions governing the exchange of information with respect to taxes;
Whereas it is acknowledged that the Isle of Man under the terms of its Entrustment from the United Kingdom has the right to negotiate, conclude, perform and, subject to the terms of this Agreement, terminate a Tax Information Exchange Agreement with India;
Now, therefore, the Contracting Parties have agreed to conclude the following Agreement, which contains obligations on the part of the Contracting Parties only:
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. 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.
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.
The taxes which are the subject of this Agreement are:
(a) in India, taxes of every kind and description imposed by the Central Government, irrespective of the manner in which they are levied;
(b) in the Isle of Man, taxes on income or profit.
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. Furthermore, the taxes covered may be expanded or modified by mutual agreement of the Contracting Parties in the form of an exchange of letters. 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.
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...
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