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India and Kazakhstan agree to amend the Double Taxation Avoidance Convention (DTAC)

TNPSC Current Affairs January 6 2016

India and Kazakhstan have signed the protocol to amend the Double taxation Avoidance Convention (DTAC) between two countries which was initially signed on 9th December 1996 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income.

About the Protocol:

The Protocol will provide internationally accepted standards for effective exchange of tax matters.

The information received from Kazakhstan for tax related will be shared with other law enforcement agencies with authorisation of the competent authority of Kazakhstan and vice versa.

The protocol will provide a limitation of benefits clause to prevent any misuse of Double taxation avoidance Convention (DTAC). It allow application of domestic law and measures against tax evasion.

The protocol also inserts specific provisions to facilitate relieving of economic double taxation in transfer pricing cases.

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