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India, Japan To Exchange Tax Info

by Mary Swire, Tax-News.com, Hong kong

11 December 2015


India and Japan have signed a protocol to add information exchange provisions to their double tax treaty.

The Protocol to the Indo-Japanese tax treaty, which dates back to 1989, was signed in Delhi by Indian Revenue Secretary Hasmukh Adhia, and Japan's Ambassador to India, Kenji Hiramatsu, on December 11.

According to Indian Ministry of Finance, the Protocol provides for internationally accepted standards for effective exchange of information on tax matters including bank information. It further provides that the information received from Japan in respect of a resident of India can be shared by India with other law enforcement agencies with the authorization of the competent authority of Japan, and vice versa. In addition, the Protocol provides for the provision of assistance in the collection of revenue claims.

The protocol further clarifies that interest income with respect to debt-claims insured by the Government or Government-owned financial institutions is exempt from tax in the source country.

TAGS: Finance | tax | double tax agreement (DTA) | India | interest | law | enforcement | standards | Japan

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