India, Spain inked protocol to amend DTAA
India and Spain signed a protocol for amending the over 19-year old Double Taxation Avoidance Agreement (DTAA). The step has been taken check tax evasion. To tackle the menace of black money, India is negotiating its tax avoidance pacts, popularly known as DTAAs with over 75 countries, to access banking related information in accordance with international norms.
Objective: The step will strengthen the exchange of information relating to tax evasion, money laundering and other criminal activities.