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The Union Cabinet has approved the signing of a protocol between India and Japan

India and Japan

The Union Cabinet has approved the signing of a protocol between India and Japan for amending the Double Taxation Avoidance Convention, DTAC in order to facilitate tax-related exchange of information. DTAC was signed between the two countries in 1989 for avoidance of double taxation and prevention of fiscal evasion through a protocol. An official release said, the protocol will facilitate exchange of information as per accepted international standards on tax matters, including bank information and information without domestic tax interest. It said, there is a further provision in the protocol for sharing any information received from Japan with authorisation of its competent authority and vice versa in respect of an Indian resident with other law enforcement agencies.