CBDT issues notification on India, New Zealand protocol signing

Central Board of Direct Taxes (CBDT) on Tuesday announced issued notifications regarding the Indian Government signing a its third protocol for amendment of the convention with government of New Zealand for the avoidance of double taxation.

As per the statement, the prevention of fiscal evasion will fall in respect to the taxes on income.

"The protocol was signed by both countries on October 26, 2016 and entered into force in India on September 7, 2017 and has been notified in the Official Gazette on November 2, 2017," the statement mentioned.

The protocol updates the existing framework of exchange of tax related information to latest international standard which will help curb tax evasion and tax avoidance between the two countries and will also enable mutual assistance in collection of taxes.