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Bilateral Convention on Avoidance of Double Taxation between India and UK

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..... Bilateral Convention on Avoidance of Double Taxation between India and UK - News and Press Release Dated:- 6-12-2012 - News - Press Information Bureau Government of India Ministry of Finance 06-December-2012 19:00 IST A protocol amending the existing convention between India and the United Kingdom (UK) for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion wit .....

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..... h respect to taxes on income and capital gains was signed in London on 30.10.2012, the details of which are as under: The Protocol seeks to amend the Article on Exchange of Information by providing for exchange of banking information without domestic interest. It also provides for use of information for purposes other than taxation as allowed under the laws of both States and authorized by the .....

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..... competent authority of the supplying State. There is a new Article on Tax Examination Abroad, under which the competent authority may allow tax officers of the requesting State to enter the territory of the requested State to interview individuals and examine records to the extent permitted under the domestic law of the requested State. There is a new Article on Assistance in Collection o .....

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..... f Taxes, which allows a revenue claim of a State to be collected in other State. It also provides for interim measures of conservancy by freezing assets of the person against whom the claim is made. There is a new Article on Limitation of Benefits, which provides for limitations on the benefits to prevent treaty abuse. The Protocol seeks to extend the application of the convention to membe .....

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..... rs of partnership, who are resident of UK. The Protocol seeks to amend the maximum rate at which the source country can tax dividend to 15% in case of dividend paid out of income derived directly or indirectly from immovable property and 10% on all other dividends. The negotiations for amending the existing convention were initiated in pursuance to the commitment of the Government of India t .....

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..... o vigorously pursue all necessary steps in coordination with the countries concerned on the issue of illegal money of Indian citizens stashed outside the country in undisclosed bank accounts. The Government has proposed to review the India-Mauritius treaty to incorporate changes in the Double Taxation Avoidance Convention (DTAC) and for this purpose a Joint Working Group (JWG) comprising the mem .....

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..... bers from the Government of India and the Government of Mauritius was constituted and the JWG has had eight rounds of meetings. Next round of meeting is yet to be scheduled. This was stated by the Minister of State for Finance Shri S.S. Palanimanickam in a written reply to a question in the Rajya Sabha today. * * * * * DSM/RS/ka - News - Press release - PIB Tax Management India - taxmana .....

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..... gementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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