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.
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.
more in Fwire