29 May 2012

India and Netherlands sign Protocol Amending DTAC

The Convention between the Kingdom of Netherlands and the Republic of India for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on 30th July, 1988 (DTAC). Both India and Netherlands have concluded a Protocol to amend the Article 26 of the DTAC concerning Exchange of Information to bring it in line with the international standards. 

On 10th May, 2012, India and Netherlands have signed the Protocol at The Hague, Netherlands. The protocol was signed by Ms. Bhaswati Mukherjee, Ambassador of India to The Netherlands and Mr. F.H.H.Weekers, state Secretary of Finance, Netherlands. The Protocol will replace the Article concerning Exchange of Information in the existing DTAC between India and Netherlands 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. 

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