The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the protocol amending the Agreement between India and Kuwait for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
The Protocol provides for internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest. It is further provided that the information received from Kuwait in respect of a resident of India can be shared with other law enforcement agencies with authorization of the competent authority of Kuwait and vice versa.
India and Kuwait signed the Double Taxation Avoidance Agreement (DTAA) signed in 2006 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income, through the Protocol.
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