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SPECIAL cORRESPONDENT / The Hindu / NEW DELHI, June 24, 2011.
India and Singapore on Friday amended their Double Taxation Avoidance Agreement (DTAA) to enable more effective mutual exchange of banking and tax related information.
Under the DTAA amendment protocol, which was signed here by Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra and Singapore's High Commissioner to India Karen Anne Tan Ping Ming on behalf of the two countries, the two nations have adopted the internationally agreed standard for exchange of information in tax matters.
According to an official statement here, the “amending protocol will go a long way in strengthening relationship between India and Singapore and facilitate mutual cooperation by effective exchange of information in tax matters between [the] two countries.”
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