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 - IND vs SA Dream11 Team Prediction, Fantasy Cricket Hints India vs South Africa 1st ODI: Captain, Vice-Captain, Playing 11s For Today's India vs South Africa ODI, Injury And Team News of Match at Boland Park, Paarl at 2.00 PM IST January 19 Wednesday
The agreement also provides for mutual assistance in the collection of tax revenue claims between both countries, according to an official statement. Also Read - SA vs Ind: Kagiso Rabada Rested for the ODI Series Against India
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 - Travelling to India From UAE? Follow These Updated Travel Guidelines
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)