India and Germany have agreed to enhance exchange of tax-related information and revise the bilateral tax act, the final version of which would be ready by September 2015, Finance Ministry said on Friday. The agreement on increased cooperation for exchange of financial information came after a meeting between Revenue Secretary Shaktikanta Das and Germany State Secretary Johannes Geismann in Berlin last week.
The effort to seek more information from Germany forms part of the government's exercise to counter the menace of tax evasion and stashing of black money abroad, Finance Ministry said in a statement.
During the meeting, issues relating to exchange of tax related information, Base Erosion and Profit Shifting (BEPS) project and Double Taxation Avoidance Agreement (DTAA) negotiations were discussed, it added.