India and San Marino have entered into a bilateral tax agreement that includes exchange of banking and ownership information.
According to an official statement, the Tax Information Exchange Agreement (TIEA) is based on international standard of transparency and exchange of information.
The agreement is expected to strengthen tax cooperation between the two countries and facilitate information exchange that is relevant to the administration and enforcement of the domestic tax laws.
In addition, the pact features specific provision that the required information can be availed even though such information is not used for the request party’s own tax purposes.
It also allows the representatives of the competent authority of the requesting party to enter the territory to interview individuals and examine records.