New Delhi: India and Brunei on Thursday signed an agreement for the exchange of information in tax matters which will help curb tax evasion and tax avoidance. The pact, based on international standards of tax transparency, will enable the exchange of information, including banking and ownership information between the two countries for tax purposes. Also Read - India Records 12,584 COVID Cases in Last 24 Hours, Lowest in Seven Months | Key Points

The agreement also provides for mutual assistance in the collection of tax revenue claims between both countries, according to an official statement. Also Read - Meet Air India's Zoya Aggarwal Who Commanded World's Longest Direct Flight Over North Pole

The Tax Information and Exchange Agreement (TIEA) was signed by Pramod Chandra Mody, Chairman of the Central Board of Direct Taxes, and Dato Paduka Haji Sidek Ali, Brunei’s High Commissioner to India. Also Read - January 16 to be Vaccination Day One, Bird Flu Confirmed in 7 States, Indonesian Plane Crashes With 62 Aboard and More

Notably, Brunei and India share a fair degree of commonality in their perceptions on major international issues.

The Southeast Asian nation has been supportive of India’s Act Easy Policy and expansion and deepening of cooperation with the 10-nation Association of South East Asian Nations (ASEAN) regional bloc.

(With ANI inputs)