India, Sweden amend tax treaty

Feb 8, 2013

New Delhi: India and Sweden have modified the Double Taxation Avoidance Convention (DTAC) to facilitate sharing of banking details and tax-related information.

"India and Sweden have now signed the Amending Protocol at The Stockholm, Sweden, yesterday. The Protocol will replace the Article concerning Exchange of Information in the existing DTAC between India and Sweden and will allow exchange of banking information," an official statement said today.

No tax evasion. Reuters

No tax evasion. Reuters

The protocol allows use of information for non-tax purpose if allowed under the domestic laws of both the countries, after the approval of the supplying state, the statement added.

India and Sweden had signed DTAC for avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital on 24 June 1997.

India singed Double Tax Avoidance Agreements (DTAA) with many countries and is in the process of modifying the agreements in line with the international norms.

India amended DTAAs with Switzerland, Australia and Singapore.

PTI

Firstpost encourages open discussion and debate, but please adhere to the rules below, before posting. Comments that are found to be in violation of any one or more of the guidelines will be automatically deleted:

Personal attacks/name calling will not be tolerated. This applies to comments directed at the author, other commenters and other politicians/public figures

Please do not post comments that target a specific community, caste, nationality or religion.

While you do not have to use your real name, any commenters using any Firstpost writer's name will be deleted, and the commenter banned from participating in any future discussions.

Comments will be moderated for abusive and offensive language.

Please read our comments and moderation policy before posting

x