India, Brunei sign pact on exchange of tax information

The Union Government and Brunei signed an agreement for the Exchange of Information and Assistance in Collection with respect to Taxes (TIEA) in New Delhi on February 28, 2019. The agreement was signed by Central Board of Direct Taxes (CBDT) Chairman Pramod Chandra Mody and High Commissioner of Brunei Darussalam to India Dato Paduka Haji Sidek Ali.

The agreement will enhance mutual co-operation between India and Brunei Darussalam by providing an effective framework for the exchange of information in tax matters, which will help curb tax evasion and tax avoidance.

Key Highlights:-

1. It is based on international standards of tax transparency and exchange of information and enables sharing of information on request as well as on an automatic basis.
2. The agreement enables the exchange of information, including banking and ownership information between the two countries for tax purposes.
3. The agreement also provides for mutual assistance in the collection of tax revenue claims between both countries.

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