India-Japan amended tax treaty comes into force

November 7, 2016 All News, India, Japan 0 Comments

The amended bilateral tax treaty between India and Japan, which provides for strengthened exchange of information to help reduce tax evasion, has come into force from 29 October 2016. Article 26 of the Convention provides that the information received under the DTAA (Double Taxation Avoidance Treatments) would be kept secret and shall be disclosed only to persons or authorities (including courts and administrative bodies) concerned with the assessment or collection of taxes.
Besides, the two countries cannot decline to supply information solely because the information is held by a bank, other financial institution, nominee or person acting in an agency or a fiduciary capacity or because it relates to ownership interests in a person. Source.