India's Finance Ministry Enhances EOI Request Procedures with BVI to Boost Tax Investigation Efficiency.

The Indian Ministry of Finance has outlined procedures for field officers to improve the efficiency of Exchange of Information (EOI) requests to the British Virgin Islands (BVI) under the India-BVI Tax Information Exchange Agreement. Given the complexities of company incorporation and shareholding confidentiality in BVI, officers are advised to provide detailed and precise information in their requests. The ministry emphasizes the importance of justifying requests to refrain from notifying taxpayers and ensuring requests are foreseeably relevant to avoid fishing expeditions. Timely responses to BVI's clarification requests are crucial to prevent delays and ensure the successful acquisition of information for tax investigations.