Revised tax treaty with Norway inked

• India on Wednesday inked a revised tax treaty with Norway for exchange of information to check tax evasion and prevent the flow of black money between the two countries.
• The new double taxation avoidance agreement (DTAA) signed by Finance Minister Pranab Mukherjee and Norwegian Minister for Research and Higher Education Tora Asland is aimed at avoiding double taxation and preventing fiscal evasion with respect to taxes on income and capital.
• It also provides for mutual exchange of information, especially the sharing of banking data.
• The new DTAA has been renegotiated in line with international standards and will replace the existing double taxation avoidance convention (DTAC) that was signed between the two countries on December 31, 1986.