Protocol - Protocol - SAARC Members

PROTOCOL On formalization, this SAARC Limited Multilateral Agreement on Avoidance of Double Taxation and Mutual Administrative Assistance in Tax Matters shall be applicable only in the Member States where an adequate Direct Tax Structure is in place. Further, in case of a Member State where such a structure is not in place, this Agreement shall become effective from the date on which such a Member State introduces a proper Direct Tax Structure and notifies the SAARC Secretariat to this effect. Further that in the event of a conflict between the provisions of this Limited Multilateral Agreement and that of any bilateral Double Taxation Avoidance Agreement between the Member States, the provisions of the Agreement signed or amended at a later date shall prevail. DONE at Dhaka, Bangladesh, On This The Thirteenth Day of November Two Thousand Five, In Nine Originals In English Language, All Texts Being Equally Authentic. Schedule I Member States To The Agreement 1. The People's Republic of Bangladesh 2. Kingdom of Bhutan 3. Republic of India 4. Republic of Maldives 5. Kingdom of Nepal 6. Islamic Republic of Pakistan 7. Democratic Socialist Republic of Sri Lanka Schedule II Taxes Covered The existing taxes to which this Agreement shall apply: 1. In Bangladesh Taxes on income that is direct tax ' 2. In Bhutan Income Tax imposed under Income Tax Act 2001 and the rules thereof 3. In India Income Tax, including any surcharge thereon 4. In Maldives Taxes on income that is direct tax 5. In Nepal Income Tax imposed under the Income Tax Act, 2058 6. In Pakistan Taxes on Income 7. In Sri Lanka Income tax including the income tax based on the turnover of enterprises licensed by the Board of Investment Schedule III Competent Authority The term Competent Authority means : 1. In Bangladesh National Board of Revenue or its authorized representative 2. In Bhutan The Ministry of Finance or its authorized representative 3. In India The Finance Minister, Government of India, or its authorized representative 4. In Maldives Department of Inland Revenue, Ministry of Finance and Treasury 5. In Nepal His Majesty's Government of Nepal, Ministry of Finance or its authorized representative 6. In Pakistan Central Board of Revenue or its authorized representative 7. In Sri Lanka Commissioner General of Inland Revenue Schedule IV Fiscal Year The term fiscal year means: 1. In case of Bangladesh 1st July - 30th June 2. In case of Bhutan 1st July - 30th June 3. In case of India 1st April - 31st March 4. In case of Maldives 1st January - 31st December 5. In case of Nepal The fiscal year beginning mid - July 6. In case of Pakistan 1st July - 30th June 7. In case of Sri Lanka 1st April - 31st March