The amendment in the protocol will broaden the scope of the existing framework of exchange of tax related information between the two countries, which will help curb tax evasion and tax avoidance, an official statement said.
The protocol will also revise the existing treaty provisions on mutual assistance in collection of taxes, it added.
The decision regarding this was taken in a meeting chaired by Prime Minister Narendra Modi.
Earlier, the government had revised the double taxation avoidance agreement with Mauritius and is in the process of amending pacts with Singapore and other nations.
India is revising these pacts to check abuse of tax treaty.
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