Wednesday September 19, 2018
Home India India, Hong K...

India, Hong Kong sign double tax agreement

The agreement is "for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income"

0
//
41
Republish
Reprint
  • India and Hong Kong signed an agreement
  • The agreement is about prevention of double tax
  • This will help in curbing the taxes

India and Hong Kong on Monday signed an agreement to avoid double taxation and prevent tax evasion.

India’s Ambassador to China Gautam Bamabwale and Hong Kong’s Financial Secretary Paul Chan Mo signed the treaty.

A former British colony, Hong Kong is a special administrative region of China which enjoys a high degree of autonomy under which it has an independent taxation system.

Another step towards digitizing India
This move will prevent double taxation. Wikimedia Commons

The agreement is “for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income”, the Indian Embassy in Beijing said.

Also Read: Iran invites Pakistan to join Chabahar project with India

“This agreement will stimulate the flow of investment, technology and personnel from India to Hong Kong Special Administrative Region and vice versa, prevent double taxation and provide for the exchange of information between the two contracting parties,” the statement said. “It will improve transparency in tax matters and will help curb tax evasion and tax avoidance,” it added. IANS

Click here for reuse options!
Copyright 2018 NewsGram

Next Story

India’s PSLV Along With 2 British Satellites Launched Successfully

Two satellites aboard the PSLV belong to Surrey Satellite Technologies Ltd (SSTL), UK, and is carried under commercial arrangement with Antrix Corp Ltd - the commercial arm of ISRO.

0
Indian rocket lifts off with two earth observation satellites from UK
Indian rocket lifts off with two earth observation satellites from UK. Flickr

Indian rocket Polar Satellite Launch Vehicle (PSLV) lifted off successfully with two British satellites, NovaSAR and S1-4, from the rocket port here on Sunday night.

The PSLV-CA (Core Alone) version, standing 44.4 metres tall and weighing 230.4 tonnes, with thick orange flame at its tail lighting up the night skies rose up at 10.08 p.m. from the first launch pad.

The rocketport here has two launch pads.

PSLV
Indian rocket Polar Satellite Launch Vehicle  lifts off with two British satellites NovaSAR and S1-4, as seen from Chennai. IANS

According to the Indian Space Research Organisation (ISRO), after 17 minutes, 44 seconds following the PSLV lift-off, the two earth observation satellites will be launched into a 583 km sun synchronous orbit.

NovaSAR weighing 445 kg is a S-Band Synthetic Aperture Radar satellite intended for forest mapping, land use and ice cover monitoring, flood and disaster monitoring.

 

PSLV
Indian rocket Polar Satellite Launch Vehicle  lifts off with two British satellites NovaSAR and S1-4, as seen from Chennai on Sept 16. IANS

S1-4 weighing 444 kg is a high resolution Optical Earth Observation Satellite, used for surveying resources, environment monitoring, urban management and for disaster monitoring.

 

Also Read: ISRO Expects to Fly Its First Small Rocket Sometime Next Year

Two satellites aboard the PSLV belong to Surrey Satellite Technologies Ltd (SSTL), UK, and is carried under commercial arrangement with Antrix Corp Ltd – the commercial arm of ISRO. (IANS)

Next Story