Contact Your Financial Adviser Money Making MC
26
November 2018
 |
India and China (The Total Investment & Insurance Solutions)
India and China have amended the bilateral
tax treaty which will help prevent tax evasion by allowing the exchange of
information, the Finance Ministry said Monday. The Total Investment & Insurance Solutions
The Government of India and the People's
Republic of China have signed a protocol on 26 November, 2018, to amend the
Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation
and for the prevention of fiscal evasion with respect to taxes on income.The Total Investment & Insurance
Solutions
"The Protocol updates the existing
provisions for exchange of information to the latest international
standards," the ministry said in a statement.
Further, the Protocol incorporates changes
required to implement treaty related minimum standards under the Action reports
of Base Erosion & Profit Shifting (BEPS) Project.The Total Investment & Insurance Solutions
Besides minimum standards, the Protocol brings
in changes as per BEPS Action reports as agreed upon by the two sides, the
ministry added.
Under Section 90 of the Income-tax Act, 1961,
India can enter into an agreement with a foreign country or specified territory
for the avoidance of double taxation of income, for the exchange of information
for the prevention of evasion.The Total
Investment & Insurance Solutions
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