The Governments of India and China on Monday amended the Double Taxation Avoidance Agreement (DTAA) for avoidance of double taxation, and prevention of fiscal evasion with respect to taxes on income.
The Protocol which accorded the approval between India and China for the avoidance of double taxation was signed on November 26, 2018.
Besides other changes, the Protocol updates the existing provisions for exchange of information to the latest international standards.
Further, the Protocol incorporates changes required to implement treaty related minimum standards under the Action reports of Base Erosion and Profit shifting (BEPS) Project, in which India had participated on an equal footing.
In view of the minimum standards, the Protocol brings in changes as per BEPS Action reports as agreed upon by the two sides.
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