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India has notified the third Protocol amending the existing double taxation avoidance convention (DTAC) with New Zealand.
This Protocol — which was signed by both countries on October 26, 2016 — provides for a revamped framework of exchange of tax related information in line with international standards. This will help curb tax evasion and tax avoidance between the two countries and will also enable mutual assistance in collection of taxes.
The third Protocol entered into force in India on September 7 this year and has been notified in the official Gazette on November 2, an official release said.
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