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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"

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  • 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.

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“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

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India Gets Assistance of Rs 3,420 Crore From Japan

The project for the construction of Chennai road aims to meet increasing traffic demands in the metropolitan area and installing Intelligent Transport Systems,

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Japan will be giving a loan of Rs 3,420 crore to India to assist in constructing the Chennai Peripheral Ring Road and for joint efforts towards meeting the UN Sustainable Development Goals (SDGs).

“The loan agreements were signed here today (Friday) between the Government of India and Japan International Cooperation Agency (JICA), New Delhi under Japanese Official Development Assistance Loan Program,” the Ministry of Finance said in a statement.

The Japanese ODA loan is for construction of phase one of Chennai Peripheral Ring Road for about Rs 2,470 crore and for Japan-India cooperative actions towards SDGs in India for about Rs 950 crore.

FDI
The Japanese ODA loan is for construction of phase one of Chennai Peripheral Ring Road for about Rs 2,470 crore and for Japan-India cooperative actions towards SDGs in India for about Rs 950 crore. www.trafficchallan.co.in

The agreements were signed by Finance Ministry Additional Secretary C.S. Mohapatra and JICA New Delhi Chief Representative Katsuo Matsumoto, the Ministry said.

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The project for the construction of Chennai road aims to meet increasing traffic demands in the metropolitan area and installing Intelligent Transport Systems, thereby contributing to mitigation of traffic congestion and promoting Regional Economic Development.

The other program aims to promote SDGs in India, mainly in social development, by supporting the efforts by the Indian government to strengthen the policy framework and implementation mechanism, thereby supporting India in achieving SDGs by 2030, it added.(IANS)