The move will enable in streamlining the provisions on partnerships and dividends as well as information flow between tax authorities of the two countries.
The norms pertain to the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains and the protocol amends the convention that was assigned in New Delhi on January 25, 1993.
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In addition to providing tax stability to its respective and facilitating economic cooperation between the two nations, the convention, as amended by this protocol, will also stimulate the flow of investment, technology and services between India and the UK.
The Protocol was signed by Jaimini Bhagwati, high commissioner of India to the UK and David Gauke, exchequer secretary to the Treasury.
The Protocol incorporates into the convention anti- abuse (limitation of benefits) provisions in order to ensure that the benefits of the Convention are not misused.
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