India amends DTA pact with Sweden

India and Sweden have signed a protocol to amend the existing double taxation avoidance pact between the two countries.

The amended protocol paves the way for exchange of banking information and provides a facility for tax examination in each other's country. It will now allow use of information for non-tax purposes if allowed under the domestic laws of both the countries after the approval of the supplying state.

The protocol will enable both the countries to assist in conducting tax examination abroad by allowing officials of one country to enter the territory of the other for this purpose.

The double taxation avoidance agreement between India and Sweden was first signed on June 24, 1997. The new protocol will replace the Article concerning Exchange of Information in the existing double taxation avoidance pact.