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India and Spain on Friday signed a protocol to amend the existing double taxation avoidance convention between the two countries.
The amendments, when they comes into force, would pave the way for effective exchange of information and enable assistance in collection of taxes between India and Spain.
It will reduce obstacles in mutual co-operation and also prevent the abuse of the benefits of the convention, an official release said.
The protocol was signed by Union Finance Minister P. Chidambaram on behalf of India, while Minister for Foreign Affairs and Cooperation of Spain Jose Manuel Garcia-Margalloy Marfil signed it on behalf of Spain.
The protocol will come into force on completion of internal procedures in both the countries.
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