Recently, India has notified the Tax Information Exchange Agreement (TIEA) signed with the Marshall Islands in 2016.
The Agreement enables the exchange of information, including banking and ownership information, between the two countries for tax purposes.
It is based on international standards of tax transparency and exchange of information and enables the sharing of information on request.
The Agreement also provides for representatives of one country to undertake tax examinations in the other country.
The Agreement will enhance mutual cooperation between India and the Marshall Islands by providing an effective framework for the exchange of information in tax matters which will help curb tax evasion and tax avoidance.
The Marshall Islands are a chain of volcanic islands and coral atolls in the Pacific Ocean, between Hawaii and the Philippines.