Thursday 30 June 2022
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Economic protocols with three countries updated

New Delhi The Union Cabinet chaired by Prime Minister Narendra Modi has approved the protocols amending the convention and the protocol between India and Israel and that between India and Vietnam for avoidance of double taxation and for prevention of fiscal with respect to taxes on income and on capital.

The protocols provide for internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest. It is further provided that the information received from Israel in respect of a resident of India can be shared with other law enforcement agencies with sanction of the competent authority of Israel or Vietnam and vice versa.

The protocols further provide for a ‘Limitation of Benefits’ Article as an anti-abuse provision aimed at preventing misuse of the convention. The provisions of this article enable use of the provisions of domestic law and measures concerning tax avoidance or in the event of misuse of the convention.

The existing Double Taxation Avoidance Convention (DTAC) between Indian and Israel was signed in 1996. That between India and Vietnam was signed in 1994. All the sides have agreed to update Article 27 on the ‘Exchange of Information’ in the DTACs to meet internationally accepted standards.

The protocol on framework for cooperation in the field of blue economy between India and Seychelles is different. The Cabinet today gave its ex-post facto approval to it for cooperation in the field of blue economy, which was signed between the two countries during the visit of the President of Seychelles to India on 26 August.

The protocol lays down the modalities and mechanism of cooperation between the two parties for ocean studies as well as scientific exploration and exploitation of sea based resources, for sustainable development and economic purposes.

The cooperation is expected to enhance India’s strategic cooperation in the field of blue economy; commercial benefits from of human resources, expertise and technology and it will increase India’s access to ocean-based resources in cooperation with Seychelles. Cooperation with Seychelles in blue economy will provide new data on ocean-based resources and also provide for sharing of expertise and technology developed by Indian and institutes. It will also help domestic innovation in the field of ocean research and technology.

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