India, U.K. amend convention on DTAA

India and the U.K. inked a protocol amending the 1993 imagebilateral convention on avoidance of double taxation and prevention of fiscal evasion related to taxes on income and capital gains.

Main features of this protocol:

  • Streamlining the partnership and taxation of dividends provisions in both the countries.
  • Provide tax stability to the residents of the two countries.
  • Facilitate mutual economic cooperation besides stimulating flow of investment, technology and services b/w the two nations.
  • Provisions for effective exchange of information b/w the tax authorities of the both sides.
  • Exchange of banking information and supplying of information irrespective of domestic interest.
  • Sharing of information to other agencies with the permission of the supplying state.

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Categories: International Current Affairs 2018

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