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India, UK sign protocol to amend avoidance of double taxation pact

India and the UK have signed a Protocol amending the Convention on avoidance of double taxation to streamline the provisions on partnerships and dividends as well as information flow between tax authorities of the two countries.

The norms pertain to the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains. The Protocol amends the Convention that was assigned in New Delhi on 25 January 1993.

The Convention, as amended by this Protocol, will provide tax stability to the residents of India and the UK and will facilitate economic cooperation between the two nations.

It will also stimulate the flow of investment, technology and services between India and the UK. The Protocol was signed on Tuesday by Jaimini Bhagwati, high commissioner of India to the UK and David Gauke, exchequer secretary to the Treasury.

Now, benefits of the Convention would also be available to partners of the UK partnerships.
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