India, UAE sign agreement to amend double taxation avoidance

Apr 17,  2012  India and UAE on Monday signed an agreement in Abu Dhabi to amend the double taxation avoidance treaty, paving the way for greater sharing of tax related information between the two countries and also agreed to set up a joint committee to look after consular issues.  The amendment to the treaty was signed during India-UAE Joint Commission meeting, presided over by External Affairs Minister S M Krishna and his UAE counterpart, Sheikh Abdullah bin Zayed Al Nahyan. With the avoidance of double taxation treaty been amended, the article on exchange of information has been updated to bring it at par with internationally accepted standards.  Indian AIR West Asia Correspondent reports, energy security is the need of hour for India to sustain its growth and investment in infrastructure structure needs to be upscaled to maintain the momentum.This was the message which the External Affairs Minister S.M. Krishna conveyed to his UAE counterpart during the 10th round of India-UAE Joint Commission meeting in Abu Dhabi on Monday. He sought the help of UAE and the gulf countries in this regard. The UAE Foreign Minister said his country values India as its startegic partner and will continue to expand co-operation in various sectors. Two agreements were signed during the meeting.  The India-UAE agreement on avoidance of double taxation has been updated to bring it at par with the internationally accepted standards. Now the banking information as well as any information without any domestic tax interest can be shared between the two countries. A Joint Committee will be set up to look into and address the concerns of Indian and Emirati nationals on counsellar issues. These include issues such as birth or death registration, quasi judicial matters like detention or arrest, travel documents like passport and visa and others affecting the people. It is expected that the agreements will protect the interests of the people and promote stronger relations between the two countries.

Posted  by Nksagar