India, Belgium to amend double taxation avoidance pact

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SME Times News Bureau | 10 Mar, 2017
India and Belgium have signed a Protocol to amend the double taxation avoidance agreement to curb tax evasion, an official statement said on Thursday.

"India and Belgium have signed a protocol amending the existing agreement and protocol between the two countries for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on Thursday in the national capital," said the Finance Ministry statement.

"The protocol will broaden the scope of the existing framework of exchange of tax related information. This in turn will help curb tax evasion and tax avoidance between the two countries and will also enable mutual assistance in collection of taxes," it added.

To fight the menace of black money stashed in offshore accounts, India has either signed or amended international agreements, declarations or conventions for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and for the exchange of information with Switzerland, Mauritius, Cyprus, Japan, South Korea, Kazakhstan, Singapore and Austria during the financial year 2016-17.