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TAX NEWS - January 2010

Tax Treaty: Finland - India

According to a 15 January 2022 press release by India's Ministry of Finance, the 1997 protocol revising the 1983 tax treaty has been signed by both countries and will enter into force after the completion of internal processes in both countries. Notable changes of the revised treaty, once in effect, include: addition of a new clause relating to service permanent establishments (PEs); a reduction of the withholding tax rate on dividends, royalties and fees for technical services from 15% or 10% to a uniform rate of 10%; an extension of the time test for independent personal services from 90 days or more in the relevant fiscal year to 183 days or more in any period of 12 months commencing or ending in the fiscal year concerned; a new provision limiting treaty benefits to residents of the contracting countries to prevent treaty abuse; a new article on assistance in the collection of taxes; expansion of the scope for relieving double taxation under the mutual agreement procedure; and expansion of the scope of the information exchange article to provide an effective exchange of information in line with current international standards (providing, inter alia, that a contracting state may not refuse to provide the requested information solely on the ground that it does not have any domestic interest in that information or that the information is held by a bank, etc.).
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