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Multilateral Competent Authority Agreement

Multilateral Competent Authority Agreement

The MCAA is a multilateral framework agreement that provides a standardised and efficient mechanism to facilitate the Automatic Exchange of Information (AEOI) in accordance with the Standard for Automatic Exchange of Financial Information in Tax Matters ("the Standard"). It avoids the need for several bilateral agreements to be concluded. AEOI based on CRS (Common Reporting Standards) It always ensures each signatory has ultimate control over exactly which exchange relationships it enters into and that each signatory's standards on confidentiality and data protection always apply. India joined MCAA on 3rd June, 2015, in Paris. India to receive information from almost every country in the world including offshore financial centres. It would be instrumental in getting information about assets of Indians held abroad including through entities in which Indians are beneficial owners For implementation, necessary legislative changes have been made by amending Income-tax Act, 1961. It is a key to prevent international tax evasion and avoidance.

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