Daily Current Affairs 2021 Cabinet approves Agreement between India and Saint Vincent and The Grenadines for the Exchange of Information and Assistance in Collection with respect to Taxes | Daily Current Affairs 2021

Cabinet approves Agreement between India and Saint Vincent and The Grenadines for the Exchange of Information and Assistance in Collection with respect to Taxes

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Republic of India and Saint Vincent and The Grenadines 

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved an agreement between India and Saint Vincent and The Grenadines for the exchange of tax information and assistance in the collection.

Key Details:

  • This is for the first time that an Agreement has been approved between the Republic of India and Saint Vincent and The Grenadines.
  • The Agreement mainly proposes to facilitate the exchange of information between the two countries and to provide assistance to each other in the collection of tax claims.
  • It also contains tax examination abroad provisions that provide that a country may allow the representatives of the other country to enter its territory (to the extent permitted under its domestic laws) to interview individuals and examine records for tax purposes.

About Saint Vincent and the Grenadines:

  • Saint Vincent and the Grenadines, often simply referred to as Saint Vincent, is an island nation in the Caribbean.
  • It is located in the southeast Windward Islands of the Lesser Antilles, which lie in the West Indies at the southern end of the eastern border of the Caribbean Sea where the latter meets the Atlantic Ocean.
  • The capital of Saint Vincent is Kingstown. The currency used here is Eastern Caribbean dollar.
  • The current Prime Minister of Saint Vincent is Ralph Gonsalves.

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