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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Article 5 of DTAA Mandates Information Exchange for Tax Purposes, Including Bank Data and Ownership Details</h1> Article 5 of the Double Tax Avoidance Agreement (DTAA) between two jurisdictions outlines the process for exchanging information upon request for tax purposes. The Requested Party's competent authority must provide information regardless of its own tax needs or the legality of the conduct under its laws. If necessary, the Requested Party must employ all measures to gather the requested information. The Requesting Party must supply specific details to demonstrate the relevance of the information sought. The agreement mandates the exchange of information, including bank data and ownership details, while excluding publicly traded entities unless easily obtainable. The Requested Party must acknowledge requests and respond promptly.
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