Govt approves ratification of protocol between India & Japan to avoid double taxation
Updated: Dec 03, 2015 11:00:08am
“The Protocol will facilitate exchange of information, as per accepted international standards, on tax matters including bank information and information without domestic tax interest.
“There is a further provision in the Protocol for sharing any information received from Japan, with authorization of the competent authority in Japan and vice versa, in respect of a resident of India, with other law enforcement agencies,” an official release said on Wednesday.
The Protocol also has a provision for India and Japan to lend assistance to each other in collection of revenue claims, as well as for exemption of interest income from taxation in the source country, with respect to debt-claims insured by the government or government-owned financial institutions. (KNN Bureau)