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India Signs Tax Agreement With Spain

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

01 November 2012


India and Spain have signed a Protocol amending their existing Double Taxation Avoidance Agreement (DTAA).

According to the Indian government, the agreement is expected to stimulate the effective exchange of information and enable assistance in collection of taxes between India and Spain. It will also reduce obstacles to mutual cooperation between the two countries and also prevent the abuse of the benefits of the Convention, which was originally agreed in 1993.

The signing, which took place during a four-day state visit by King Juan Carlos I of Spain to India, is the latest in a series of DTAA revisions which India is currently making with more than 75 countries.

The government has previously described these revisions as part of an effort "to strengthen the legislative framework to control generation of black money in the country as well as control the flight of such illicit funds to foreign shores". This in turn is part of a "five pronged strategy to tackle the menace of black money".

TAGS: tax | India | Spain

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