New Delhi, Nov 27 (KNN) In a bid to avoid double taxation and prevent fiscal evasion with respect to taxes on income, India and China have amended the Double Taxation Avoidance Agreement (DTAA). 

Both the governments signed the protocol on November 26, 2018.

Besides other changes, the protocol updates the existing provisions for exchange of information to the latest international standards.

Further, the protocol incorporates changes required to implement treaty related minimum standards under the Action reports of Base Erosion and Profit shifting (BEPS) Project, in which India had participated on an equal footing.

With regard to minimum standards, the protocol brings in changes as per BEPS action reports as agreed upon by the two sides.