Maldives to sign tax info exchange pact with India - Haveeru Online, Jan 03, 2016

A man is pictured at a service counter of the Maldives Inland Revenue Authority (MIRA). FILE PHOTO

India on Wednesday approved the signing and ratification of an agreement with the Maldives for exchange of information aimed at curbing tax evasion and avoidance.

According to the Economic Times of India, the approval was given by the Union Cabinet chaired by Prime Minister Narendra Modi.

"The agreement will stimulate effective exchange of information between the two countries which will help curb tax evasion and tax avoidance," the newspaper said, quoting an official statement. 

A Maldives Inland Revenue Authority (MIRA) official said the agreement was drafted after extensive discussions between the two countries. But a date to sign the agreement is yet to be decided, the official added.

"This is the first agreement Maldives will sign with the an individual country. We have signed an agreement to share information between SAARC countries," the official said.

High Commission of India Male, Maldives