Amendment in the Convention between the Government of the Republic of India and the Government of the Republic of Korea - 8785/90-G.S.R. 986(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (Foreign Tax Division) NOTIFICATION New Delhi, the 20 th December, 1990 INCOME-TAX G.S.R. 986(E). Whereas the Government of the Republic of India and the Government of the Republic of Korea had concluded a Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, which was notified by the Government of India, Ministry of Finance in the Gazette of India Extraordinary Part II, section-3, sub-section (i) under GSR No. 1111(E) dated 26th September, 1986 ; Whereas Paragraph 4 of the Protocol to the said Convention provides that the provisions of Paragraphs 2 4 of Article 24 shall apply for the first 5 years for which the said Convention is effective but the Competent authorities of the Contracting States may consult each other to determine whether this period shall be extended; Whereas the said period of 5 years has already expired: And whereas the Competent authorities of the Contracting States have since agreed to extend this period for a further period of 5 years so as to provide that the provisions of paragraphs 2 4 of Article 24 of the Convention will be applicable for the first 10 years for which the Convention is effective; Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), and section 24A of the Companies (Profits) Surtax Act, 1964 (7 of 1961), the Central Government hereby directs that the provisions of paragraph 4 of the Protocol of the Convention between the Government of the Republic of India and the Government of the Republic of Korea for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income stands modified to the extent mentioned below, namely: In the said paragraph for the words and figure the first 5 years the words and figure the first 10 years shall be substituted. [Notification No. 8785/F. No. 501/22/73-FTD] N. C. JAIN, Jt. Secy.