Home » DIPLOMACY » India Seeks to Revise Tax Treaties with Foreign Nations: Minister
tax treaty
Representational picture: The Union Minister for Finance and Corporate Affairs, Mr. Arun Jaitley and the Deputy Prime Minister of Singapore, Mr. Tharman Shanmugaratnam at the signing ceremony of the Third Protocol for Amending the Double Taxation Avoidance Agreement (DTAA) between India and Singapore, in New Delhi on December 30, 2016.(PIB Photo)

India Seeks to Revise Tax Treaties with Foreign Nations: Minister

Indian government is planning to revise the tax treaties with partner countries to enable the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) to use the data for prosecution of those who have stashed black money abroad, said a statement.

Treaty partner countries have been requested to modify the tax treaties to explicitly include provisions that will enable information exchanged for tax purposes, including criminal proceedings in non-tax matters.

About 40 treaties for avoidance of double taxation have been revised accordingly and India has also signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which also similarly facilitates exchange of information.

India is gearing up drive on compiling information by non-tax agencies, subject to agreement by the Competent Authorities of the Requested Contracting State.

However, not all treaty partner countries have agreed to the proposal. Since a bilateral treaty cannot be modified unless both treaty partners agree, it is not possible to provide any time frame for this purpose, said Mr. Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Check Also

India moves blueprint for Vision of $5 Trillion Economy

The Working Group tasked to develop a roadmap towards achieving a 5 trilliondollar economy by ...

GST collection in Sept 2018 cross Rs.94k Cr

The total gross GST revenue collected in the month of September, 2018 is Rs. 94,442 crore of which ...

LLP incorporation goes online in India

Without making round to government offices, one can start business by incorporating a company through ...

error: Content is protected !!