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MINISTRY OF FINANCE (Department of Revenue) (INCOME TAX) NOTIFICATION New Delhi, the 17th July, 2019
Ministry of Finance (Department of Revenue) on 17th July 2019 had issued a notification no 54/2019 (Income Tax) by which the protocol that amended India/China Double Taxation Avoidance Agreement was published by Government of India. It was amended for avoidance of double taxation for the prevention of fiscal evasion with respect to taxes on income. This protocol was signed by India and China on 26th November 2018.
The date of entry into force of the amended protocol is 5th June 2019. Protocol updates the
- existing provisions for exchange of information to the new international standards
- protocol incorporates alterations required to implement the minimum standards under the action reports of Base Erosion and Profit Shifting (BEPS) Projects
- It brings in change as per BEPS Action Reports agreed upon by both the sides.