Convention and Protocol between the Government of the Republic of India and the Government of the Kingdom of Sweden - Income Tax - PRESS RELEASE

PRESS RELEASE DATED 8-2- 2013 The Convention and Protocol between the Government of the Republic of India and the Government of the Kingdom of Sweden for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital (DTAC) was first signed here on 24th June 1997. In April 2011, both India and Sweden concluded a Protocol to amend the Article 27 of the DTAC concerning Exchange of Information to bring it in line with the international standards and to add an Article in the Protocol to the DTAC to include tax examination abroad. India and Sweden have now signed the Amending Protocol at The Stockholm, Sweden yesterday i.e. 7th February, 2013. The said protocol was signed by Ms. Banashri Bose Harrison, Ambassador of India to Sweden and Latvia and Mr. Anders Borg, Ministry of Finance, Sweden. The Protocol will replace the Article concerning Exchange of Information in the existing DTAC between India and Sweden and will allow exchange of banking information as well as information without domestic interest. It will, now, allow use of information for non-tax purpose if allowed under the domestic laws of both the countries, after the approval of the supplying state. The Article added in the Protocol to the DTAC will enable both the countries to assist in conducting tax examination abroad by allowing officials of one country to enter the territory of other country for this purpose.