On 7 th october 2015 the union cabinet approved the protocols amending tax agreements with Israel and vietnam. A movement aimed to dealing with black money.
With Israel :
- Introduced Limitation of Benefit (LOB) in the double taxation avoidance convention.(DTAC)
- It also provides exchange of information on tax matters, including bank information, and information without domestic tax interest.
- It also suggest that the information received from Israel in respect of a resident of India can be shared with other law enforcement agencies with authorisation of the Competent Authority of Israel and vice-versa.
- LOB – This article is an anti-abuse provision aimed at preventing misuse of the convention.
- The existing DTAC between India and Israel was signed in 1996.
To meet the internationally accepted standards ,both countries agreed to update the Article 27 on the “Exchange of Information ” in India -Israel DTAC.
- A protocol to amend the existing double taxation avoidance agreement (DTAA)
- It guarantees the exchange of information on tax matters, including bank information and information without domestic tax interest.
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