India, Belgium sign protocol amending India-Belgium Double Taxation Avoidance Agreement and Protocol

The Central Board of Direct Taxation on Thursday announced signing of a protocol between India and Belgium amending the existing Agreement and Protocol between the two countries for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.

The signing of the protocol witnessed Sushil Chandra, Chairman CBDT on behalf of India and Jan Luykx, Ambassador of Belgium to India, on behalf of Belgium in attendance.

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

Fighting the menace of black money stashed in offshore accounts has been a key priority area for the Government.

Earlier, to further this goal, international agreements or declarations or conventions for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and for exchange of information were signed by India with Switzerland, Mauritius, Cyprus, Japan, Republic of Korea, Kazakhstan, Singapore and Austria during the financial year 2016-17.