ARTICLE 26

Exchange of Information

(1) The competent authorities of the Contracting States shall exchange such information as is necessary for the application of the provisions of this Convention or for the administration or enforcement of the domestic laws concerning taxes of every kind and description imposed on behalf of a Contracting State, one of its political subdivision or their local authorities insofar as the taxation there under is not contrary to the Convention. The exchange of information shall not be restricted by Articles 1 and 2 of this Convention.

(2) Any information received by virtue of paragraph (1) of this Article, by a Contracting State shall be treated as secret in the same manner as information obtained under the domestic laws of that State and shall be disclosed only to persons or authorities (including courts and administrative bodies) concerned with the assessment or collection of the taxes mentioned in paragraph (1) of this Article, the enforcement or prosecution in respect of these taxes, the determination of appeals in relation to these taxes or the monitoring of the same. Such persons or authorities shall use the said information only for such purposes. They may disclose the information in public court proceedings or in judicial decisions.

(3) In no case shall the provisions of paragraphs (1) and (2) of this Article be construed so as to impose on a Contracting State the obligation:

• (a) to carry out administrative measures which are at variance with the laws and administrative practice of that or of the other Contracting State;
• (b) to supply information which can not be obtained under its laws or in the normal course of its administration of that or of the other Contracting State;
• (c) to supply information which would disclose any trade, industrial, professional secret or trade process, or information, the disclosure of which would be contrary to public policy (ordre public).

(4) If information is requested by a Contracting State in accordance with this Article, the other Contracting state may use the powers available at its disposal to obtain the requested information even if it does not need it for its own tax purposes. The obligation contained in the preceding sentence shall be subject to the limitations provided in paragraph (3) of this Article unless these limitations are likely to prevent a Contracting State from disclosing information simply because the same is contrary to public policy.

(5) In no case shall the provisions of paragraph (3) of this Article be construed so as to permit a Contracting State to refuse to disclose information simply because it is held by a bank, another financial institution, nominee or person acting as an agent or trustee or because such information relates to property rights of any person.