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India, Japan sign protocol to amend double taxation avoidance
PrintIndia and Japan today signed a Protocol for amending the existing convention for avoidance of double taxation and prevention of fiscal evasion with respect to income taxes. Revenue Secretary Hasmukh Adhia signed the protocol on behalf of India while Kenji Hiramatsu, Ambassador of Japan signed on behalf of the Government of Japan.
An official release said the Protocol provides for internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest.
It further provides that the information received from Japan in respect of a resident of India can be shared with other law enforcement agencies with authorisation of the competent authority.
The Protocol also provides that both countries shall assist each other in the collection of revenue claims. It gains all the more importance as it is being signed few hours before the arrival of the Japanese Prime Minister in New Delhi.
An official release said the Protocol provides for internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest.
It further provides that the information received from Japan in respect of a resident of India can be shared with other law enforcement agencies with authorisation of the competent authority.
The Protocol also provides that both countries shall assist each other in the collection of revenue claims. It gains all the more importance as it is being signed few hours before the arrival of the Japanese Prime Minister in New Delhi.
Category : International Taxation | Comments : 0 | Hits : 548
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