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LIBERIA
Agreement for exchange of information and assistance in collection with respect to taxes with foreign countries
Liberia
Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Republic of
LiberiafortheexchangeofinformationandassistanceincollectionwithrespecttotaxeswassignedinLiberiaonthe3rdday
ofOctober,2011
Andwhereasthedateofentryintoforceofsaidagreementisthe30thdayofMarch,2012,beingthedate of the later of the
notificationsaftercompletionoftheproceduresasrequiredbytherespectivelawsfortheentryintoforceofthisAgreement,in
accordancewitharticle12ofthesaidAgreement
Now, therefore, in exercise of the powers conferred by section 90 of the Incometax Act, 1961 (43 of 1961), the Central
GovernmentherebynotifiesthatalltheprovisionsofthesaidAgreementannexedheretoshallbegiveneffecttointheUnionof
Indiawitheffectfromthe30thdayofMarch,2012.
Notification:No.32/20012FT&TRII[F.No.503/02/2010FT&TRII]/SO1877(E),dated1782012
AGREEMENTBETWEENTHEGOVERNMENTOFTHEREPUBLICOFINDIAANDTHEGOVERNMENTOF
THEREPUBLICOFLIBERIAFORTHEEXCHANGEOFINFORMATIONANDASSISTANCEINCOLLECTION
WITHRESPECTTOTAXES
The Government of the Republic of India and the Government of Republic of Liberia, desiring to facilitate the exchange of
informationandassistanceincollectionwithrespecttotaxeshaveagreedasfollows:

ARTICLE1
OBJECTANDSCOPEOFTHEAGREEMENT
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 ofthe Contracting Parties concerning taxes
covered by this Agreement. Such information shall include information that is foreseeably relevant to the determination,
assessmentandcollectionofsuchtaxes,therecoveryandenforcementoftaxclaims,ortheinvestigationorprosecutionoftax
matters.InformationshallbeexchangedinaccordancewiththeprovisionsofthisAgreement.Thecompetent authoritiesshall
alsolendassistancetoeachotherinthecollectionoftaxclaims.Therightsandsafeguardssecuredtopersonsbythelawsor
administrativepracticeoftherequestedPartyremainapplicabletotheextentthattheydonotundulypreventordelayeffective
exchangeofinformationorassistanceincollection.

ARTICLE2
JURISDICTION
Information shall be exchanged in accordance with this Agreement without regard to whether the person to whom the
informationrelatesis,orwhethertheinformationisheldby,aresidentofaContractingParty.However,aRequestedPartyis
notobligedtoprovideinformationwhichisneitherheldbyitsauthoritiesnorisinthepossessionorcontrolofpersonswhoare
withinitsterritorialjurisdiction.

ARTICLE3
TAXESCOVERED
1.ThetaxeswhicharethesubjectofthisAgreementaretaxesofeverykindanddescriptionimposedbytheContractingParties
atthedateofsignatureoftheAgreement.
2.ThisAgreement shall also apply to any identical or substantially similar taxes imposed after the date of signature of this
Agreementinadditionto,orinplaceof,theexistingtaxes.Thecompetent authorities of the Contracting Parties shall notify
eachotherofanysubstantialchangestothetaxationand related information gathering measures and assistance in collection
measureswhichmayaffecttheobligationsofthatPartypursuanttothisAgreement.
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ARTICLE4
DEFINITIONS
1.ForthepurposesofthisAgreement,unlessotherwisedefined:
(a) theterm"India"meanstheterritoryofIndiaandincludestheterritorialseaandairspaceaboveit,aswellasanyother
maritimezoneinwhichIndiahassovereignrights,otherrightsandjurisdiction,accordingtotheIndianlawandin
accordancewithinternationallaw,includingtheU.N.ConventionontheLawoftheSea
(b) theterm"Liberia"meanstheRepublicofLiberiasituatedandlocatedinWestAfrica, includingitsterritorialseasand
anyareabeyondtheterritorialseawithinwhichLiberia,inaccordancewithInternationalLaw,exercisesjurisdiction
(c) theterm"ContractingParty"meansIndiaorLiberiaasthecontextrequires
(d) theterm"competentauthority"means
(i) inthecaseofIndia,theFinanceMinister,GovernmentofIndia,orhisauthorisedrepresentative
(ii) inthecaseofLiberia,theMinisterofFinanceorhisauthorisedrepresentative
(e) the term "person" includes an individual, a company, a body of persons and any other entity which is treated as a
taxableunitunderthetaxationlawsinforceintherespectiveContractingParties
(f) theterm"company"meansanybodycorporateoranyentitythatistreatedasabodycorporatefortaxpurposes
(g) the term "publicly traded company" means any company whose principal, class of shares is listed on a recognised
stockexchangeprovideditslistedsharescanbereadilypurchasedorsoldbythepublic.Sharescanbepurchasedor
sold "by the public" if the purchase or sale ofshares is not implicitly or explicitly restricted to a limited group of
investors
(h) theterm"principalclassofshares"meanstheclassorclassesofsharesrepresentingamajorityofthevotingpower
andvalueofthecompany
(i) the term "recognised stock exchange" means any stock exchange agreed upon by the competent authorities of the
ContractingParties
(j) theterm"collectiveinvestmentfundorscheme"meansanypooledinvestmentvehicle,irrespectiveoflegalform.
(k) theterm"publiccollectiveinvestmentfundorscheme"meansanycollectiveinvestmentfundorschemeprovidedthe
units,sharesorotherinterestsinthefundorschemecanbereadilypurchased,soldorredeemedbythepublic.Units,
shares or other interests in the fund or scheme can be readily purchased, sold or redeemed "by the public" if the
purchase,saleorredemptionisnotimplicitlyorexplicitlyrestrictedtoalimitedgroupofinvestors
(l) theterm"tax"meansanytaxtowhichthisAgreementapplies
(m) theterm"requestingParty"meanstheContractingParty
(i)

submittingarequestforinformationto,or

(ii)

havingreceivedinformationfrom,or

(iii)

submitting a request for assistance in collection of tax to, the requested


Party.

(n)

theterm"requestedParty"
means the Contracting
Party

(i)

whichisrequestedtoprovideinformation,or

(ii)

whichhasprovidedinformation,or

(iii)

whichisrequestedtoprovideassistanceincollectionoftax.

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(o) the term "information gathering measures" means laws and administrative or judicial procedures that enable a
ContractingPartytoobtainandprovidetherequestedinformation
(p) the term "assistance in collection measures" means laws and administrative or judicial procedures that enable a
ContractingPartytocollectandremittherequestedtaxclaim
(q) theterm"information"meansanyfact,statement,documentorrecordinwhateverform
2.AsregardstheapplicationofthisAgreementatanytimebyaContractingParty,anytermnotdefinedthereinshall,unlessthe
contextotherwiserequiresorthecompetentauthoritiesagreetoacommonmeaningpursuanttotheprovisionsofArticle10of
thisAgreement,havethemeaningthatithasatthattimeunderthelawofthatParty,anymeaningundertheapplicabletaxlaws
ofthatPartyprevailingoverameaninggiventothetermunderotherlawsofthatParty.

ARTICLE5
EXCHANGEOFINFORMATIONUPONREQUEST
1.ThecompetentauthorityoftherequestedPartyshallprovideuponrequestinformationforthepurposesreferredtoinArticle
1.SuchinformationshallbeexchangedwithoutregardtowhethertherequestedPartyneedssuchinformationforitsowntax
purposes or whether the conduct being investigated would constitute a crime under the laws of the requested Party if such
conductoccurredintherequestedParty.
2.IftheinformationinthepossessionofthecompetentauthorityoftherequestedPartyisnotsufficienttoenableittocomply
withtherequestforinformation,thatPartyshalluseallrelevantinformationgatheringmeasurestoprovidetherequestingParty
with the information requested, notwithstanding that the requested Party may not need such information for its own tax
purposes.
3.IfspecificallyrequestedbythecompetentauthorityoftherequestingParty,thecompetentauthorityoftherequestedParty
shall provide information under thisArticle, to the extent allowable under its domestic laws, in the form of depositions of
witnessesandauthenticatedcopiesoforiginalrecords.
4. Each Contracting Party shall ensure that its competent authority, for the purposes of thisAgreement, has the authority to
obtainandprovideuponrequest:
(a)

informationheldbybanks,otherfinancialinstitutions,andanyperson,includingnomineesandtrustees,
actinginanagencyorfiduciarycapacity

(b)

information regarding the legal and beneficial ownership of companies, partnerships, collective
investment funds or schemes, trusts, foundations, "Anstalten" and other persons, including, within the
constraintsofArticle2,ownershipinformationonall suchpersonsinanownershipchaininthecaseof
collective investment funds or schemes, information on shares, units and other interests in the case of
trusts, information on settlors, trustees and beneficiaries in the case of foundations, information on
founders, members of the foundation council and beneficiaries and equivalent information in case of
entitiesthatareneithertrustsnorfoundations.

5.ThisAgreement does not create an obligation on the Contracting Parties to obtain or provide ownership information with
respecttopubliclytradedcompaniesorpubliccollectiveinvestmentfundsorschemesunlesssuchinformationcanbeobtained
withoutgivingrisetodisproportionatedifficulties.
6.The competent authorityof the requesting Party shall provide the following information to the competent authority of the
requestedPartywhenmakingarequestforinformationundertheAgreementtodemonstratetheforeseeablerelevanceofthe
Informationtotherequest:
(a)

theidentityofthepersonunderexaminationorinvestigation

(b)

theperiodforwhichinformationisrequested

(c)

thenatureoftheinformationrequestedandtheforminwhichtherequestingPartywouldprefertoreceive
it

(d)

thetaxpurposeforwhichtheinformationissought

(e)

grounds for believing that the information requested is present in the requested Party or is in the

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possessionorcontrolofapersonwithinthejurisdictionoftherequestedParty
(f)

to the extent known, the name and address of any person believed to be in possession or control of the
requestedinformation

(g)

astatementthattherequestisinconformitywiththelawsandadministrativepracticesoftherequesting
Party, that if the requested information was within the jurisdiction of the requesting Party then the
competentauthorityoftherequestingPartywouldbeabletoobtaintheinformationunderthelawsofthe
requestingPartyorinthenormalcourseofadministrativepracticeandthatitisinconformitywiththis
Agreement

(h)

a statement that the requesting Party has pursued all means available in its own territory to obtain the
information,exceptthosethatwouldgiverisetodisproportionatedifficulties.

7. The competent authority of the requested Party shall forward the requested information as promptly as possible to the
requestingParty.Toensureapromptresponse,thecompetentauthorityoftherequestedPartyshall:
(a)

ConfirmreceiptofarequestinwritingtothecompetentauthorityoftherequestingPartyandshallnotify
thecompetentauthorityoftherequestingPartyofdeficienciesintherequest,ifany,within60daysofthe
receiptoftherequest.

(b)

IfthecompetentauthorityoftherequestedPartyhasbeenunabletoobtainandprovidetheinformation
within90daysofreceiptoftherequest,,includingifitencountersobstaclesinfurnishingtheinformation
oritrefusestofurnishtheinformation, it shall immediately inform the requesting Party, explaining the
reasonforitsinability,thenatureoftheobstaclesorthereasonsforitsrefusal.

ARTICLE6
TAXEXAMINATIONSABROAD
1. At the request of the competent authority of the requesting Party, the requested Party may allow representatives of the
competent authority of the requesting Party to enter the territory of the requested Party, to the extent permitted under its
domesticlaws,tointerviewindividualsandexaminerecordswiththepriorwrittenconsentoftheindividualsorotherpersons
concerned.ThecompetentauthorityoftherequestingPartyshallnotifythecompetentauthorityoftherequestedPartyofthe
timeandplaceoftheintendedmeetingwiththeindividualsconcerned.
2. At the request of the competent authority of the requesting Party, the requested Party may allow representatives of the
competentauthorityoftherequestingPartytobepresentattheappropriatepartofataxexaminationintherequestedParty,in
which case the Competent authority of the requested Party conducting the examination shall, as soon as possible, notify the
competentauthorityoftherequestingPartyaboutthetimeandplaceoftheexamination,theauthorityorofficialdesignatedto
carryouttheexaminationandtheproceduresandconditionsrequiredbytherequestedPartyfortheconductoftheexamination.
AlldecisionswithrespecttotheconductofthetaxexaminationshallbemadebythePartyconductingtheexamination.

ARTICLE7
POSSIBILITYOFDECLININGAREQUESTFORINFORMATION
1.ThecompetentauthorityoftherequestedPartymaydeclinetoassist:
(a)

wheretherequestisnotmadeinconformitywiththisAgreementor

(b)

where the requesting Party has not pursued all means available in its own territory to obtain the
information,exceptwhererecoursetosuchmeanswouldgiverisetodisproportionatedifficultyor

(c)

where disclosure of the information would be contrary to public policy (ordre public) of the requested
Party.

2.ThisAgreementshallnotimposeonaContractingPartytheobligation:
(i) tosupplyinformationwhichwoulddiscloseanytrade,business,industrial,commercialorprofessionalsecretortrade
process,providedthatinformationdescribedinparagraph4ofArticle5shallnotbetreatedassuchasecretortrade
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processmerelybecauseitmeetsthecriteriainthatparagraphor
(ii) toobtainorprovideinformation,whichwouldrevealconfidentialcommunicationsbetweenaclientandanattorney,
solicitororotheradmittedlegalrepresentativewheresuchcommunicationsare:
(a)

produced for the purposes of seeking or


providinglegaladviceor

(b)

produced for the purposes of use in


existing
or
contemplated
legal
proceedingsor

(iii) to carry out administrative measures at variance with its laws and administrative practices,
provided nothing in this subparagraph shall affect the obligations of a Contracting Party under
paragraph4ofArticle5.
3.Arequestforinformationshallnotberefusedonthegroundthatthetaxclaimgivingrisetotherequestisdisputed.
4.TherequestedPartyshallnotberequiredtoobtainandprovideinformationwhichtherequestingPartywouldbeunableto
obtaininsimilarcircumstancesunderitsownlawsforthepurposeoftheadministrationorenforcementofitsowntaxlawsorin
responsetoavalidrequestfromtherequestedPartyunderthisAgreement.
5.TherequestedPartyshallnotdeclinetoprovideinformationsolelybecausetherequestdoesnotincludealltheinformation
requiredunderArticle5iftheinformationcanotherwisebeprovidedaccordingtothelawoftherequestedParty.

ARTICLE8
ASSISTANCEINTHECOLLECTIONOFTAXCLAIMS
1.TheContractingPartiesshalllendassistancetoeachotherinthecollectionoftaxclaims.
2.Theterm"taxclaim"asusedinthisArticlemeansanamountowedinrespectoftaxesasmentioned inArticle3,aswellas
interest,administrativepenaltiesandcostsofcollectionorconservancyrelatedtosuchamount.
3.WhenataxclaimofaContractingPartyisenforceableunderthelawsofthatPartyandisowedbyapersonwho,atthattime,
cannot,underthelawsofthatParty,preventitscollection,thattaxclaimshall,attherequestofthecompetentauthorityofthat
Party,beacceptedforpurposesofcollectionbythecompetentauthorityoftheotherContractingParty.Thattaxclaimshallbe
collectedbythatotherPartyinaccordancewiththeprovisionsofitslawsapplicabletotheenforcementandcollectionofits
owntaxesasifthetaxclaimwereataxclaimofthatotherParty.
4. When a tax claim of a Contracting Party is a claim in respect of which, that Party may, under its law, take measures of
conservancywithaviewtoensureitscollection,thattaxclaimshall,attherequestofthecompetentauthorityofthatParty,be
acceptedforpurposesoftakingmeasuresofconservancybythecompetentauthorityoftheotherContractingParty.Thaiother
Partyshalltakemeasuresofconservancyinrespectofthattaxclaiminaccordancewiththeprovisionsofitslawsasifthetax
claimwereataxclaimofthatotherPartyevenif,atthetimewhensuchmeasuresareapplied,thetaxclaimisnotenforceable
inthefirstmentionedPartyorisowedbyapersonwhohasarighttopreventitscollection.
5.WhenaContractingParty,underitslaw,takesinterimmeasuresofconservancybyfreezingofassetsbeforeataxclaimis
raisedagainstaperson,thecompetentauthorityoftheotherContractingPartyifrequestedbythecompetentauthorityofthe
firstmentioned Contracting Party shall take measures for freezing the assets of that person in that Contracting Party in
accordancewiththeprovisionsofitslaw.
6.Notwithstandingtheprovisionsofparagraphs3and4,ataxclaimacceptedbyaContractingPartyforpurposesofparagraph
3or4shallnot,inthatState,besubjecttothetimelimitsoraccordedanypriorityapplicabletoataxclaimunderthelawsof
thatStatebyreasonofitsnatureassuch.Inaddition,ataxclaimacceptedbyaContractingPartyforthepurposesofparagraph
3or4shallnot,inthatState,haveanypriorityapplicabletothattaxclaimunderthelawsoftheotherContractingParty.
7.Proceedingswithrespecttotheexistence,validityortheamountofataxclaimofaContractingPartyshallonlybebrought
beforethecourtsoradministrativebodiesofthatParty.NothinginthisArticleshallbeconstruedascreatingorprovidingany
righttosuchproceedingsbeforeanycourtoradministrativebodyoftheotherContractingParty.
8. Where, at any time after a request has been made by a Contracting Party under paragraph 3 or 4 and before the other
ContractingPartyhascollectedandremittedtherelevanttaxclaimtothefirstmentionedParty,therelevanttaxclaimceasesto
be:
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(a)

in the case of a request under paragraph 3, a tax claim of the firstmentioned Party that is enforceable
underthelawsofthatPartyandisowedbyapersonwho,atthattime,cannot,underthelawsofthatParty,
preventitscollection,or

(b)

inthecaseofarequestunderparagraph4,ataxclaimofthefirstmentionedPartyinrespectofwhichthat
Partymay,underitslaws,takemeasuresofconservancywithaviewtoensureitscollection,

thecompetentauthorityofthefirstmentionedPartyshallpromptlynotifythecompetentauthorityoftheotherPartyofthatfact
and,attheoptionoftheotherParty,thefirstmentionedPartyshalleithersuspendorwithdrawitsrequest.
9.InnocaseshalltheprovisionsofthisArticlebeconstruedsoastoimposeonaContractingPartytheobligation:
(a)

tocarryoutadministrativemeasuresatvariancewiththelawsandadministrativepracticeofthatorofthe
otherContractingParty

(b)

tocarryoutmeasureswhichwouldbecontrarytopublicpolicy(ordrepublic)

(c)

toprovideassistanceiftheotherContractingPartyhasnotpursuedallreasonablemeasuresofcollection
orconservancy,asthecasemaybe,availableunderitslawsoradministrativepractice

toprovideassistanceinthosecaseswheretheadministrativeburdenforthatStateisclearlydisproportionatetothebenefittobe
derivedbytheotherContractingParty.

ARTICLE9
IMPLEMENTATIONLEGISLATION
TheContractingPartiesshallenactanylegislationnecessarytocomplywith,andgiveeffectto,theterms of theAgreement.
SuchlegislationshallbeenactedwithinsixmonthsofentryintoforceofthisAgreement.

ARTICLE10
COSTS
IncidenceofcostsincurredinprovidingassistanceshallbeagreedbytheContractingParties.

ARTICLE11
MUTUALAGREEMENTPROCEDURE
1. Where difficulties or doubts arise between the Contracting Parties regarding the implementation or interpretation of the
Agreement, the competent authorities shall endeavour to resolve the matter by mutual agreement. In addition,thecompetent
authorities of the Contracting Parties may mutually agree on the procedures to be used under Articles 5, 6 and 8 of this
Agreement.
2. The competent authorities of the Contracting Parties may communicate with each other directly for purposes of reaching
agreementunderthisArticle.

ARTICLE12
ENTRYINTOFORCE
1.TheContractingPartiesshallnotifyeachotherinwriting,throughdiplomaticchannels,ofthecompletionoftheprocedures
requiredbytherespectivelawsfortheentryintoforceofthisAgreement.
2.ThisAgreementshallenterintoforceonthedateofthelaterofthenotificationsreferredtoinparagraph1ofthisArticleand
shallthereuponhaveeffectforthwith.

ARTICLE13
TERMINATION
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1.ThisAgreementshallremaininforceuntilterminatedbyeitherContractingParty.
2.EitherContractingPartymay,aftertheexpiryoffiveyearsfromthedateofitsentryintoforce,terminatetheAgreementby
servingawrittennoticeofterminationtotheotherContractingPartythroughdiplomaticchannels.
3.Suchterminationshallbecomeeffectiveonthefirstdayofthemonthfollowingtheexpirationofaperiodofsixmonthsafter
the date of receipt of notice of termination by the other Contracting Party. All requests received up to the effective date of
terminationshallbedealtwithinaccordancewiththeprovisionsoftheAgreement.
Inwitnesswhereof,theundersigned,beingdulyauthorisedthereto,havesignedthisAgreement.
DONE in duplicate at Monrovia thisThird day of October, 2011, each in the English and Hindi languages, both texts being
equallyauthentic.Incaseofdivergenceofinterpretation,theEnglishtextshallprevail.

Copyright. Taxmann Publications Pvt. Ltd.

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