India can now seek banking-related information from the Netherlands for tax administration purposes. Both the countries have concluded a protocol to amend Article 26 of the double tax avoidance convention (DTAC), which relates to exchange of information.
The changes will bring the Article in line with international standards. The protocol was signed at the Hague on May 10, by Ms Bhaswati Mukherjee, Ambassador of India to the Netherlands, and Mr F.H.H.Weekers, State Secretary of Finance, the Netherlands.
The protocol will also enable use of information for non-tax purposes, if allowed under the domestic laws of both the countries, after approval of the supplying State.
The double taxation avoidance convention between the Netherlands and India was signed on July 30, 1988.
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