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of <h1>India and Japan Update Tax Agreement: Extend Tax Reduction for Japanese Shipping, Enhance Info Exchange to Combat Tax Evasion.</h1> The Government of India and Japan have agreed to modify their Double Taxation Avoidance Agreement, initially signed in 1960 and supplemented in 1969, through an exchange of notes dated November 30, 1974. The modifications include extending a 55% tax reduction on profits from Japanese enterprises operating ships in India for five additional years, starting from the assessment year 1972-73. Additionally, Article XII has been expanded to allow for the exchange of information necessary for preventing or detecting tax evasion or avoidance. This information exchange can involve documents and is to be treated confidentially, but may be disclosed to relevant authorities involved in tax matters.
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