Saturday , September 22 2018

India-Kuwait tax treaty updated

KUWAIT CITY, May 8: Updates have been made to the provisions of the Double Taxation Avoidance Agreement (DTAA) signed between India and Kuwait in order to enable sharing of information with other law enforcement agencies, reports The Economic Times.

According to a statement issued by India’s Central Board of Direct Taxes (CBDT), the DTAA was signed by India and Kuwait on June 15, 2006 for avoiding double taxation and preventing fiscal evasion in terms of income taxes.

On Jan 15, 2017, both countries had signed a protocol to amend the DTAA for allowing exchange of information based on international standards.

It also enabled sharing information received from Kuwait for tax purposes with other law enforcement agencies with the authorization of the concerned Kuwaiti authorities and vice versa.

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