Business / Industry Sectors
Indian Cabinet approves protocols amending the tax pacts with Israel
08/10/2015
The protocols were approves for effective exchange of information to curb the menace of black money

The Indian government approved the protocols amending the tax pacts with Israel for effective exchange of information to curb the menace of black money. Power minister Piyush Goyal said that the cabinet has approved the protocol amending the convention and the protocol for avoidance of double taxation and for prevention of fiscal evasion with respect to taxes on income and on capital. 

"Both these agreements provide for internationally accepted standards for effectiv exchange of information on tax matters... Now we can get bank information and share it with other enforcement agencies," said Goyal.

The protocol in relation to Israel further provides for 'Limitation of Benefits' Article as an antiabuse provision aimed at preventing misuse of the convention. 

 

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