(UNI) India and Sweden have signed a Convention and Protocol at Stockholm for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital (DTAC).
The amended Protocol allows both countries to assist in conducting tax examination abroad by allowing officials of one country to enter the territory of the other country and will replace the Article concerning Exchange of Information in the existing DTAC between two countries that allowed exchange of banking information as well as information without domestic interest.
The amendments will, now, allow use of information for non-tax purpose if allowed under the domestic laws of both the countries, after the approval of the supplying state.
The first Protocol was signed here in June 1997 and in April 2011, both countries concluded a Protocol to amend Article 27 of the DTAC concerning Exchange of Information to bring it in line with the international standards and to add an article in the Protocol to the DTAC to include tax examination abroad.
The protocol was signed by Ms Banashri Bose Harrison, Indian Ambassador to Sweden and Latvia and Mr Anders Borg, Ministry of Finance, Sweden at Stockholm. UNI
