Saturday, March 9, 2013

India, Romania sign Avoidance of Double Taxation & Prevention of Fiscal Evasion pact

India and Romania today signed the Avoidance of Double Taxation and the Prevention of Fiscal Evasion agreement with respect to taxes on income to bring in change in domestic laws in line with international standards.

The pact was signed after External Affairs Minister Salman Khurshid held talks with his Romanian counterpart, Titus Corlateral on the entire gamut of bilateral relations, regional and international issues of mutual interest in New Delhi.

The Ministry of External Affairs in a release said, once the renegotiated agreement enters into force, it will stimulate flow of capital, technology and personnel from India to Romania and vice versa. The release added that it also provides tax stability and reduces any obstacles in providing mutual cooperation between the two countries.

The two sides also signed a document to enhance political dialogue, more frequent inter-governmental exchanges, heightened Parliamentary contacts and a more dynamic civil society interaction.

AIR Correspondent reports that India has received FDI worth over four million US Dollars during April 2000 and December 2012, from Romania.

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