New Delhi [India], Mar. 10 (ANI): In order to strengthen the Centre's fight against the menace of black money stashed in offshore accounts, 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.
The protocol was signed by Chairman Central Board of Direct Taxes (CBDT) Sushil Chandra and Ambassador of Belgium to India Jan Luykx.
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.
Fighting the menace of black money stashed in offshore accounts has been a key priority area for the Government, and to further this goal, 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, Republic of Korea, Kazakhstan, Singapore and Austria during the financial year 2016-17. (ANI)