NEWCO is an inward investment services provider specializing in the implementation of foreign investment in Portugal, including Madeira Island, and Malta.
Additional protocol to the DTA between Portugal and India
The protocol signed in Lisbon on 24 June 2017, amending the convention between the Government of the Portuguese Republic and the Government of the Republic of India for the purpose of avoiding double taxation and guarding against tax evasion as regards income tax (signed in Lisbon of 11 September 1998), has been approved.
The amendments introduced serve to reinforce the conditions and forms of cooperation between the authorities of both States as regards tax-related matters. Enabling an adequate exchange of information, this will foster more effective control of the financial flows between the two countries.
The amended protocol contains a new provision relating to the exchange of tax information. Under this provision, the competent authorities of the two States will exchange information that is likely to be relevant for the application of the convention or for the administration or application of domestic legislation relating to taxes of any nature or denomination charged in benefit of the contracting States, their political or administrative subdivisions, or local government, insofar as the taxation provided for in them does not contravene this convention.
Any information obtained by a State will be considered confidential in the same way that information obtained pursuant to that State’s domestic law would be. Such information may only be disclosed to the people or authorities (including courts and administrative authorities) in charge of the liquidation or collection of the taxes, or the declarative or executive procedures, or appeal decisions, relating to these taxes, or their control. Such information may be disclosed during public court hearings or judicial decisions.
The full text is available for consultation online here.