Protocol amending the Convention between India and Turkmenistan for the avoidance of double taxation
Updated: Nov 06, 2015 11:50:32am
The decision was taken during the Cabinet meet chaired by Prime Minister Narendra Modi.
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 is further provided that the information received from Turkmenistan in respect of a resident of India can be shared with other law enforcement agencies with authorisation of the Competent Authority of Turkmenistan and vice versa.
The Protocol further provides for 'Limitation of Benefits' Article as an anti-abuse provision aimed at preventing misuse of the Convention. The provisions of this Article enable use of the provisions of domestic law and measures concerning tax avoidance or evasion in the event of misuse of the Convention. (KNN Bureau)