India and Japan signed protocol to amend double taxation avoidance pact

Dec 12, 2015 08:17 IST

The Government of India and the Government of Japan on 11 December 2015 inked a protocol for amending the existing convention for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income.

The existing convention was signed in 1989.

The protocol was signed by Dr Hasmukh Adhia, Revenue Secretary on behalf of India. Kenji Hiramatsu, Ambassador of Japan signed the protocol on behalf of the Government of Japan.

Key highlights of the protocol

The protocol provides for internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest.

It provides that the information received from Japan in respect of a resident of India can be shared with other law enforcement agencies with authorisation of the competent authority of Japan and vice versa.

It also provides that India and Japan will lend assistance to each other in the collection of revenue claims.

It provides for exemption of interest income from taxation in the source country with respect to debt-claims insured by the Government/Government owned financial institutions.

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Read more Current Affairs on: India-Japan , Double Taxation Avoidance Pact , Shinzo Abe , Japan

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