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Note: This Treaty may be impacted by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). MLI impact on Tax Treaties is available with the Orbitax International Tax Research & Compliance Expert.

ARTICLE 27

Exchange of Information

(1) The competent authorities of both Contracting States shall exchange necessary information either to carry out the provisions hereof, or to manage or implement local legislations of both Contracting States related to tax of every kind and description of tax imposed on behalf of the Contracting States, or of one of their political subdivisions or of their local administration, so long as the system covered hereby as long as the imposition of such tax is not contrary to the provisions hereof. In order to prevent tax evasion, such information shall be exchanged without restriction to Articles 1 and 2 hereof.

(2) Any information gained by paragraph (1) by Contracting State shall be treated as confidential in accordance with the domestic laws and shall be disclosed only to person and authority (including courts and administrative authorities) those concerned with the assessment, collection and implementation of or litigation on taxes, or making prosecutions in respect of taxes referred to in paragraph (1), or above. Such persons or authorities shall use information only for such purposes and they may disclose such information in public court proceedings or in judicial decrees.

(3) The interpretation of the provisions of paragraphs (1) and (2) may not, in no case, oblige the Contracting States to:

  • (a) Implement administrative actions contrary to legislations or administrative procedures applicable in such State or the other Contracting State.
  • (b) Submit information unattainable by virtue of the legislations or customary administrative procedures applicable in such State or the other Contracting State.
  • (c) Submit information that unveil trade, business, industrial, commercial or professional secrets as well as transactions or information which shall not be disclosed according to the policy of the "general law".

(4) If information is requested by a Contracting State in accordance with this Article, the other Contracting State shall use information-gathering procedures to obtain the requested information, although that other State may not need such information for its own tax purposes. The obligation contained in the previous session is subject to the limitations of paragraph (3), but in no case shall such limitations be interpreted to allow a Contracting State to refuse to give information solely because it has no domestic interest in such information.

(5) The provisions of paragraph (3) shall not be construed to permit a Contracting State to refuse to give information solely because the information is held by a bank, other financial institution, nominee or person acting in accordance with an agency or fiduciary capacity, or because it relates to the proprietary interests of a person.