India, Morocco ink double taxation avoidance pact

India and Morocco Thursday signed a protocol amending the Double Taxation Avoidance Convention between the two countries and to ensure effective exchange of information on tax matters.

The protocol was signed by Sudha Sharma, chairperson, Central Board of Direct Taxes, on behalf of the Indian government and ambassador Larbi Reffouh on behalf Moroccan government.

"The protocol is based on international standards of transparency and exchange of information," the finance ministry said in a statement after its signing.

"It provides for effective exchange of information including banking information between tax authorities of the two countries. It also provides that each treaty partner shall use its information gathering measures to obtain the requested information even though it may not need such information for its own domestic tax purposes," it said.

"The agreement will enhance mutual co-operation between the two countries by having effective exchange of information in tax matters," the statement added.