India, Sweden sign protocol amending avoidance of double taxation pact

New Delhi, Feb. 8 (ANI): India and Sweden have signed protocol amending the avoidance of double taxation pact.

The convention and protocol between India and Sweden for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital (DTAC) was first signed here on June 24, 1997.

In April 2011, both India and Sweden concluded a protocol to amend the Article 27 of the DTAC concerning exchange of Information to bring it in line with the international standards and to add an article in the protocol to the DTAC to include tax examination abroad.

The two sides yesterday signed the amending protocol at The Stockholm, Sweden.

The said protocol was signed by Indian Ambassador to Sweden Banashri Bose Harrison and Anders Borg, Ministry of Finance, Sweden.

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 as well as information without domestic interest. It will, now, allow 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 article added in the protocol to the DTAC will enable both the countries to assist in conducting tax examination abroad by allowing officials of one country to enter the territory of other country for this purpose. (ANI)

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