India and Belgium sign Protocol amending Double Taxation Avoidance Agreement and Protocol

India and Belgium have signed a Protocol to amend the existing Double Taxation Avoidance Agreement (DTAA) between the two countries.
The Protocol was signed by Sushil Chandra, Chairman Central Board of Direct Taxes (CBDT) and Jan Luykx, Ambassador of Belgium to India. 

Key Facts

• The amendment of DTAA will broaden the scope of the existing framework of exchange of tax related information between the two countries.
• It will help curb tax evasion and tax avoidance between the two countries and also enable mutual assistance in collection of taxes.
• It also revises the scope of existing treaty provisions on mutual assistance in collection of taxes and further help to curb tax evasion and tax avoidance. 

Background

The Union Government has set a key priority area for dighting the menace of Black Money stashed in offshore accounts. To further this goal, India has either signed or amended international agreements, declarations or conventions for the DTAA and Prevention of Fiscal Evasion with respect to Taxes on Income and for the Exchange of Information with Mauritius, Switzerland, Cyprus, Japan, South Korea, Singapore, Kazakhstan, and Austria during the financial year 2016-17.

Month: Current Affairs - March, 2017