India, Sweden amend tax treaty

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


Updated Date: Feb 08, 2013 20:02 PM

Also Watch

IPL 2018: Royal Challengers Bangalore eye revival against Chennai Super Kings as 'Cauvery Derby' comes back to life
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Tuesday, April 24, 2018 It's A Wrap: Beyond the Clouds stars Ishaan Khatter, Malavika Mohanan in conversation with Parul Sharma
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent