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AGREEMENT BETWEEN TIIE GOVERNMENT OF GRENADA AND TIIE GOVERNMENT OF DENMARK CONCERNING INFORMATION ON TAX MATTERS

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Gneneda and the Government Denmark,desiringto conclude of an information on tax matters,have agreedas follows: Article I Object and scope the agreement of Tbc competent authorities the Contracting of Parties shallprovideassistance through

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of infqm*ion that is foreseeably relevantto the administrationand enforcement the of

domesic la*s of the Contracting Parties concerning taxescovered this Agreement. by Such informationshallincludeinformationthat is foreseeably relevant the determination, to assessment andcollectionof suchtaxes,the recoveryandenforcement of-tqgclaims,or the investigation or prosecrtrion oftax matters. lnformationshallbe exchanged accordrincelwith provisions this in the of Agreement shallbe treated confidential the manner and as in providedin,A$icle 8. Therightsand safeguards secured persons the laws or administrativepracticeof the requested to by Party remain ' applicableto the extentthat they do not unduly preventor delay effective exchange information. of

Article 2 Jurisdiction

authorities

A RequestedParty is not obligated to provide information which is neither held by its or nor in the possession control of personswho are within its territorial jurisdiction.

Article 3 Taxes covered

1. The taxes which are subject of this Agreement are taxes of every kind and description existing on the date of signature. 2. This Agreement shall also apply to any identical or any substantially similar taxes imposed after the date of signatureof the Agreement in addition to or in place of the existing taxes. The competentauthorities of the Contracting Parties shall notify each other of any substantial changesto the taxation and related information gathering measurescovered by the Agreement.

Article 4 Definitions

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of l. For the purposes this Agreement,unlessotherwisedefined: a) the term "Contracting Party' meansDenmark or Grenadaas the context requires; b) the term "Grenada" meansthe country of Grenada; c) the term "Denmark" meansthe Kingdom of Denmark including any area outside the territorial seaof Denmark which in accordancewith international law has been or may hereafterbe designatedunder Danish laws as an areawithin which De'nmarkmay exercisesovereignrights with respectto the exploration and exploitation of thenatural resour@sof the sea-bedor its subsoil and the superjacentwaters and with respectto other activities for the exploration and economic exploitation of the area;the term does not comprise the Faroe Islands and Greenland; d) the term "competentauthority" means: (i) in the caseof Grenada,the Minister of Finance or his authorisedrepresentative;

(ii) in Denmark, Minister for Taxationor his authorized the representative; e) the term "person"includes individual,a company any otherbody of persons; an and f) the term "company"means body corporate any entity that is treated a any or as
body corporatefor tax purposes; g) the term "publicly traded company" meansany company whose principal class of sharesis listed on a recognisedstock exchangeprovided its listed sharescan be readily purchasedor sold by the public. Shares can be purchased sold "by the public" ifthe purchase saleof shares or or is not implicitly or explicitly restrictedto a limited group of investors; h) the term "principal class of shares"meansthe class or classesof sharesrepresenting a majority of the voting power and value of the company; i) the term "recognised stock exchange"meansany stock exchangeagreedupon by the competentauthorities of the Contracting Parties; j) the term "collective investment fund or scheme"meansany pooled investment vehicle, irrespectiveof legal form. The term "public collective investment fund or scheme"means any collective investment fund or schemeprovided the units, sharesor other interestsin the fund or schemecan be readily purchased,sold or redeemedby the public. Units, sharesor other interestsin the fund or schemecan be readily purchased,sold or redeemed"by the public" if the purchase,sale or redemptionis not implicitly or explicitly restrictedto a limited group of investors; k) the term "tax" meansany tax to which the Agreement applies; l) the term "applicant Party" meansthe Contracting Party requestinginformation; m) the term "requestedParty" meansthe Contracting Party requestedto provide

information; n) the term "information gathering measures"means laws and administrative or judicial proceduresthat enable a Contracting Party to obtain and provide the requestedinformation; o) the term "information" means any fact, statementor record in any form whatever; p) the term "criminal tax matters" meanstax matters inyolving intentional conduct which is liable to prosecutionunder the criminal laws of the applicant partl; q) the term "criminal laws" meansall criminal laws designatedas such under domestic law irrespective of whether containedin the tax laws, the criminal code or other statutes. '

2. As regardsthe application of this Agreement at anytime by a Contracting Party,

any term not defined therein shall, unlessthe cbntext otherwise requires,have the meaning that it

has at that time under the law of that Party, any meaning under the applicable tax laws of that Party prevailing over a meaning given to the term under other laws of that Party.

Article 5 Exchange of Information Upon Request

l. The competentauthority of the requestedParty shall provide upon request information for the pu{posesreferred to in Article 1. Such information shall be exchangedwithout regardto whether the conduct being investigatedwould constitute a crime under the laws of the requestedParty if such conduct occurred in the requestedParty.

of 2. If the information in the possession the competentauthority of the requested Party is not sufficient to enableit to comply with the requestfor information, that Party shall use all to relevant information gatheringmeasures provide the applicant Party with the information notwithstanding that the requestedParty may not need such information for its own tax requested, purposes.

3. If specifically requestedby the competentauthority of an applicant Party, the competentauthority of the requestedParty shall provide information under this Article, to the extent allowable under its domestic laws, in the form of depositionsof witnessesand authenticatedcopies of original records.

4. Each Contracting Party shall ensurethat its competentauthorities for the pu{poses specified in Article 1 of the Agreement, have the authority to obtain and provide upon request: a) information held by banks, other financial institutions, and any person acting in an agencyor fiduciary capacityincluding nomineesand trustees; b) information regarding the ownership of companies,partnetships,trusts, foundations,"Anstalten" and other persons,including, within the constraintsof Article 2, ownership information on all suchpersonsin an ownershipchain; in the caseof trusts,information on settlors, trusteesand beneficiaries;and in the caseof foundations,information on founders,membersof the foundation council and beneficiaries.Further, this Agreement does not createan obligation on the Contracting Partiesto obtain or provide ownership information with respectto publicly traded

companiesor public collective investment funds or schemesunless such information can be obtainedwithout giving rise to disproportionatedifficulties.

5. The competentauthority of the applicant Party shall provide the following information to the competentauthority of the requestedParty when making a requestfor information under the Agreement to demonstratethe foreseeable relevanceof the information to the request: (a) the identity of the person under examination or investigation; (b) a statementof the information sought including its nature and the form in which the applicant Party wishes to receive the information from the requestedParty; (c) the tax purposefor which the information is sought; (d) grounds for believing that the information requestedis held in the requestedParty or is in the possession control of a personwithin thejurisdiction of the requested or Putty; (e) to the extent known, the name and addressof any person believed to be in possession the requested of information; (f) a statementthat the requestis in conformity with the law and administrative practicesof the applicanl Party, that if the requestedinformation was within the jurisdiction of the applicant Party then the competentauthority of the applicant Party would be able to obtain the information under the laws of the applicant Party or in the normal course of administrative practice and that it is in conformity with this Agreement; (g) a statementthat the applicant Party has pursued all meansavailable in its own territory to obtain the information, except those that would give rise to disproportionatedifficulties.

6. The competentauthority of the requestedParty shall forward the requested information as promptly as possible to the applicant Party. To ensurea prompt response, the competentauthority of the requestedParty shall: a) Confirm receipt of a requestin writing to the cornpetentauthority of the applicant Party and shall notiS' the competentauthority of the applicant Party of deficiencies in the request,if any, within 60 days of the receipt of the request. b) If the competentauthority of the requestedParty has been unable to obtain and provide the information within 90 days of receipt of the request,including if it encountersobstacles in furnishing the information or it refusesto furnish the information, it shall immediatelv inform the

applicant P*ty' explaining the reason for its inability, the nature of the obstacles or the reasonsfor its refusal.

Article 6 Tax Examinations Abroad 1' A contractingPartymay allow representatives of the competent authorityof the othercontractingPartyto enterthe territory of the first-mentioned party to interviewindividuals andexamine records with the written consent thepersons of concemed. The competent authorityof the second-mentioned shall Party notify the competent authorityof the firstmentioned Partyof the time andplaceof the meeting with the individualsconcerned. ' 2' Atthe request the competent of authorityof onecontractingparty,the

competent authorityof the othercontractingPartymay allow representatives the competent of authorityof the first-mentioned Partyto bepresent the appropriate at part of a tax examination in thesecond-mentioned party.

3' If the request referred in paragraph2isacceded the to to, competent authorityof the contractingPartyconducting examination the shall,as soonaspossible, notisr the competent authorityof the otherPartyaboutthe time andplaceof the examination, authority the or official designated carryout the examination to andthe procedures conditions and required the firstby mentioned Partyfor the conductof the examination. All decisions with respect the conduct the to of tax examination shallbe madeby the party conducting the examination.
Article 7 Possibility of Declining a Requmt . 1' The requestedParty shall not be required " to obtain or.provide information that the applicantParty would not be able to obtain under its own laws for purposes of the administrationor enforcementof its own tax laws. The competentauthority of the requestedparty may decline to assistwhere the requestis not made in conformity with this Agreement.

2.The provisionsof this Agreementshall not imposeon a ContractingParty the obligationto supply information which would discloseany trade,business, industrial,commercial or professionalsecretor trade process.Notwithstanding the foregoing, information of the type referredto in Article 5, paragraph shall not be treatedas sucha secretor tradeprocessmerely 4 because meetsthe criteria in that paragraph. it

3. The provisionsof this Agreementshall not imposeon a ContractingParty the obligation to obtain or provide information, which would reveal confidential communications betweena client and an attorney, solicitor or other admitted legal representative where such communications are:
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(a) producedfor the pu{poses seekingor providing legal adviceor of (b) producedfor the purposes use in existing or contemplated of legal proceedings.

4' The requested Party may declinea requestfor information if the disclosureof the informationwould be contraryto public policy (ordrepublic).

5. A requestfor information shall not be refusedon the groundthat the tax claim giving rise to the requestis disputed.

6. The requested Partv may declinea requestfor information if the information is requested the applicantPartr to administeror enforcea provision of the tax law of the applicant by Party,or any requirement connected theren'ith.u'hich discriminates againsta nationalof the requested Partl' as comparedu.ith a nationalof the applicantParty in the samecircumstances.

Article 8 Confidentialitv

Any information received by a Contracting Party under this Agreement shall be treatedas confidential and may be disclosedonly to personsor authorities (including courts and administrative bodies) in the jurisdiction of the Contracting Party concernedwith the assessment or collectionof, the enforcement prosecutionin respectof, or the determinationof appeals or in relation to, the taxes imposed by a Contracting Party. Such personsor authorities shall use such

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Article 9 Costs

shall be agreedby the Contracting Incidenceof costsincurredin providing assistance

Parties.
Article L0 Mutual agreement procedure

1. Where diffrculties or doubts arise betweenthe Contracting Partiesregarding the implementation or interpretation of this Agreement, the respectivecompetentauthorities shall endeavourto resolve the matter by mutual agreement.

referredto in paragraph1, the competentauthorities 2. In addition to the agreements to of the ContractingPartiesma)' mutually agreeon the procedures be usedunderArticles 5 and 6.

3. The competentauthorities of the Contracting Partiesmay communicatewith each underthis Article. of other directly for purposes reachingagreement

Article 11 Entry into Force


1. Each of the Contracting Parties shall notify the other in writing of the completion of the proceduresrequired by its law for the entry into force of this Agreement.

later shallenterinto forceon the thirtieth day afterthe receiptof the 2. The Agreement haveeffect and notificatiorts shallthereupon of these on (a) for criminaltax matters that date; the on in covered Article 1, for taxableperiodsbeginning or after (b) for all othermatters into force' or enters the Agreement of first day of January the yearnext following the dateon which of or afterthe first dayof Janua.ry to wherethereis no taxableperiod,for all charges tax arisingon into force' enters theyearnext following the dateon which the Agreement

Article 12 Termination by a Contracting Party' Either 1. This Agreement shall remain in force until terminated giving written notice of termination to the other contracting party may terminate the Agreement by to have effect on the first day of the contracting party. In such case,the Agreement sha[ cease the date of receipt of notice of termination month following the end of the period of six months after b1'theother PartY remain bound 2. In the event of termination, both Contracting Parties shall the Agreement' of Article 8 with respectto any information obtainedunder by the provisions

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