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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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