TNPSC Current Affairs March 2017
India-Belgium singed Double Taxation Avoidance Agreement(DTAA) and Protocol.
India and Belgium have signed a Agreement and protocol for amending the existing Double Taxation Avoidance Agreement (DTAA) between both the countries.
It is signed by Chirman of Central Board of Direct Taxes, Sushil Chandra on behalf of India and Ambassador of Belgium, Jan Luykx behalf of Belgium
An official Statement, The Protocol seeks to broaden the scope of the existing framework of exchange of tax related information. This in turn will help curb tax evasion and avoidance between both the countries and also enable mutual assistance in collection of taxes .
India has signed or amended international agreements on Avoidance of double taxation and Prevention of Fiscal evasion with respect to taxes on income and for the exchange of information with Austria, Singapore, Kazakhstan, Switzerland, Cyprus, Japan, Republic of Korea in financial year 2016-17 to curb Black Money.
About Double Taxation :
DTAA is also referred as Tax Treaty which is a bilateral economic agreement between 2 nations that aims to avoid double taxation for the same income in Two Countries