Cabinet Approved the Agreement Between Saint Vincent and the Grenadines and India

26 June 2021 Current Affairs:Cabinet approved the agreement between India and Saint Vincent and the Grenadines for the Exchange of Information and Assistance in Tax Collection.

Highlights:
♦ It primarily proposes to facilitate the exchange of information between the two countries and to assist each other in the collection of tax claims.
♦ The Agreement will aid in the exchange of information between the two countries, including the sharing of information held by banks and other financial institutions, including information about legal and beneficial ownership. 
♦ It will also aid in the collection of tax claims between the two countries.
♦ As a result, it will strengthen India’s commitment to combat offshore tax evasion and tax avoidance practises that result in the generation of unaccounted black money.
 

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