India, U.K. amend convention on DTAA
India and the U.K. inked a protocol amending the 1993 bilateral 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.