NEW DELHI, May 26: India and the Netherlands have effected a change in their Double Taxation Avoidance Convention(DTAC) to allow exchange of banking information as well as information without domestic interest.
The Convention between the two countries for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on July 30, 1988.
Now the two countries have concluded a Protocol to amend the Article 26 of the DTAC concerning Exchange of Information to bring it in line with the international standards, the Ministry of Finance said here today.
The Protocol was signed this month at The Hague, Netherlands by Ms Bhaswati Mukherjee, Ambassador of India to The Netherlands and Mr F H H Weekers, state Secretary of Finance, Netherlands.
The Protocol will replace the Article concerning Exchange of Information in the existing DTAC between India and the Netherlands and will allow exchange of banking information as well as information without domestic interest.
It will, now, allow use of information for non-tax purpose if allowed under the domestic laws of both the countries, after the approval of the supplying state. (UNI)
Trending Now
E-Paper
Follow our WhatsApp channel