India, Norway for extended DTAA
October 9th, 2010
The Economic Times
NEW DELHI: India and Norway are all set to expand the scope of their double taxation avoidance agreement (DTAA) to facilitate greater information exchange on potential cases of tax evasion. After changes to the Indo-Swiss tax treaty this would be the second such treaty that would be reworked to ensure smooth flow of information on tax-related issues.
This amended tax treaty will allow the income tax authorities to access information on bank accounts of Indians easily, but only in specific cases. The tax treaty was amended on the lines of Paris-based Organisation for Economic Cooperation and Development (OECD) Model Tax Convention that does not provide for roving enquiry, or fishing expeditions as they are commonly called.