core sector communique

Union Finance Minister Calls for Early Finalisation of Revised Dtaa With Germany During his Bilateral Meet With his German Counterpart on the Sidelines of G-20 Fms & Central Bank Governors’ Meeting in Paris

Union Finance Minister, Shri Pranab Mukherjee held a bilateral meeting with his German counterpart i.e. the German Finance Minister, Mr. Wolfgang Schaeuble, on the sidelines of G-20 Finance Ministers and Central Bank Governors’ Meeting in Paris on 19th February, 2011. The Finance Minister appreciated the role of Germany in providing information about Indian citizens having bank accounts in the LGT bank of Liechtenstein. Shri Mukherjee indicated the need for the Germany tax authorities to share information with our Enforcement Directorate. Under the existing treaty, Germany would not be able to share information for non tax use. Germany, in turn, had agreed to revise the article concerning exchange of information in the existing Double Taxation Avoidance Agreement (DTAA) for sharing information with our Enforcement agencies. The Finance Minister Shri Pranab Mukherjee requested for early finalization of the arrangement for amendment to the DTAA. The German Finance Minister Mr. Wolfgang Schaeuble agreed to start early negotiations for amendment to the DTAA.

The Finance Minister Shri Pranab Mukherjee urged the German Finance Minister to share any other information which is available about Indian citizens holding secret bank accounts. German Finance Minister, in turn, assured him that as and when they have such information, they will pass it on to the Indian Government.