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Union Finance Minister Pranab Mukherjee has disclosed on Friday that the India will enter into treaties with other nations for exchanging information related to tax payers so that people will not face the double taxation issues.
"With a large number of countries, I have instructed my office to renegotiate the clause for exchanging information in the avoidance of double taxation agreement. This is almost with every country," Mukherjee told the media.
He added that this was being done as a follow-up of a decision which was adopted by the G-20 leaders to "discipline" tax havens.
He added that the Swiss government will be sharing information once it revises the bilateral tax treaties. He added that, “But information will be related to only tax collection, not for any other purpose. Not even for publicity or sharing information with anybody, but (to) facilitate the tax authority to collect the taxes from the defaulters”.
India began the process of revising the tax treaty with Mauritius well before the financial crisis, said the minister.
"The Mauritius prime minister said that he has some problems. We have agreed to compensate him. Talks were to begin in that line," said Mukherjee.
