What were the precise reasons given by the Government of India for not signing the Tax Information Exchange Agreement
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WRITTEN QUESTION TO THE CHIEF MINISTER
BY DEPUTY R.G. LE HÉRISSIER OF ST. SAVIOUR ANSWER TO BE TABLED ON TUESDAY 29th MARCH 2011
Question
What were the precise reasons given by the Government of India for not signing the Tax Information Exchange Agreement?
Answer
The issues that prevented the signing of a Tax Information Exchange Agreement (TIEA) with the Government of India in New Delhi on the 18th March 2011 arose from differences discovered
between the TIEA we had negotiated and those that India had recently signed with other jurisdictions.
Because of the need for the representatives of the Indian Ministry of Finance and the Jersey delegation to clear points of detail with other relevant parties there was insufficient time available to resolve the issues concerned before the Treasury and Resources Minister had to leave New Delhi. We expect the issues to be resolved in early course. The TIEA will then be able to be signed and in due course it will be presented to the States for ratification. Only when the TIEA has been ratified by both parties will it come into force.