The protocol updates the provisions in the DTAA for the exchange of information as per international standards, and also enables sharing of information received from Kuwait for tax purposes with other law enforcement agencies, subject to an authorisation of the competent authority of Kuwait and vice versa.
As per the CBDT, the protocol to amend the existing agreement between India and Kuwait was signed in June, 2006 for the avoidance of double taxation. Following this, another protocol was signed in January last year for the prevention of fiscal evasion with respect to taxes on income.
This protocol, the CBDT said, has come into force on March 26, and duly notified in the official gazette.
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