India and China have signed a protocol to amend the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income. According to a statement by the Ministry of Finance, besides other changes, the protocol has the existing provisions for exchange of information to the latest international standards.
The protocol also incorporates changes required to implement treaty related minimum standards under the Action reports of Base Erosion and Profit Shifting (BEPS) Project in which India had participated on an equal footing.
Source: AIR World Service
Static/Current Takeaways Important For IBPS Clerk Mains Exam 2018:
- China Currency: Renminbi, Capital: Beijing.