Cabinet approves India-Brunei tax agreement

New Delhi, May 16 (IANS) The Union Cabinet on Wednesday approved an agreement signed with Brunei on exchange of information and collection of taxes.

"The Union Cabinet chaired by Prime Minister Narendra Modi has approved the signing and ratification of agreement between India and Brunei for the Exchange of Information and Assistance in Collection with respect to taxes," the government said in a statement.

The agreement enables Indian and Brunei authorities "to provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the two countries concerning taxes covered by this agreement".

"The information received under the agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts or administrative bodies) concerned with assessment, collection, enforcement, prosecution or determination of appeals in relation to taxes covered under the agreement," it stated.

"Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the information sending country."

According to the statement, the agreement does not have any financial implications.