The agreement will facilitate avoidance of double taxation, prevention of tax evasion and exchange of information on tax evaders.
The agreement, which was signed by India’s finance minister P Chidambaram with Spanish foreign minister Jose Manuel Garcia-Margallo Marfil will enable the two countries to get the details of financial transactions of domestic companies.
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Protocol for amending the Convention, protocol between India and Spain for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital’ were among the documents that were signed.
Due to the rising blackmoney concerns, India has started negotiating its tax avoidance pacts, popularly known as DTAAs (Double Taxation Avoidance Agreements) with over 75 countries, in order to get banking related information in line with international norms.
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