Cabinet approves Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion between India and Iran - Pragnya IAS Academy - News Analysis

Cabinet approves Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion between India and Iran

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi has approved an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income between India and Iran.

The Agreement will stimulate flow of investment, technology and personnel from India to Iran & vice versa, and will prevent double taxation. The Agreement will provide for exchange of information between the two Contracting Parties as per latest international standards. It will thus improve transparency in tax matters and will help curb tax evasion and tax avoidance.
The Agreement is on similar lines as entered into by India with other countries. The proposed Agreement also meets treaty related minimum standards under G-20 OECD Base Erosion & Profit Shifting (BEPS) Project, in which India participated on an equal footing.
In so far as India is concerned, the Central Government is authorized under Section 90 of the Income Tax Act, 1961 to enter into an Agreement with a foreign country or specified territory for avoidance of double taxation of income for exchange of information for the prevention of evasion or avoidance of income-tax chargeable under the Income-tax Act, 1961.(Source:PIB)


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Cabinet approves Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion between India and Iran

India and Iran sign nine pacts, Modi praises Hassan Rouhani for helping develop Chabahar Port. - Pragnya IAS Academy - News Analysis

India and Iran sign nine pacts, Modi praises Hassan Rouhani for helping develop Chabahar Port.

The two leaders held ‘substantive and productive’ talks and discussed cooperation in defence, trade, energy and regional issues, the MEA said.

India and Iran signed nine agreements on Saturday, including in areas such as double taxation avoidance, extradition, agriculture and traditional medicine.
Prime Minister Narendra Modi and Iran President Hassan Rouhani held “substantive and productive” talks and discussed cooperation in defence, trade, energy and regional issues, said Ministry of External Affairs Spokesperson Raveesh Kumar. At a joint press conference, the leaders said they also discussed connectivity, terrorism and drug trafficking.
Regional conflicts must be resolved through diplomacy and political initiatives, Rouhani said.
The Iranian leader is on a three-day visit to India, his first since he came to power in 2013. Before coming to Delhi, he was in Hyderabad for two days, where he met Muslim intellectuals.
Modi said he appreciated the way Rouhani had shown leadership in developing the Chabahar Port. Rouhani’s visit is significant as India and Iran work on making the strategically located Chabahar port operational. India is helping develop Chabahar, in Iran, to open a direct trade route to Afghanistan and Central Asia, bypassing Pakistan.
The Chabahar port is crucial not only because Pakistan does not allow India to send goods to Iran and Afghanistan, but also because it will act as a counter to the nearby Gwadar port in Pakistan, which China is developing.
The two leaders also agreed to step up efforts to bring stability to war-torn Afghanistan. Modi said India was committed to help Afghanistan become “a peaceful, secure, permanent, prosperous and pluralistic” country. “We want to see our region and the world free from terrorism,” he said.
Later, in a separate address, Rouhani said that Iran would adhere to the terms of the nuclear deal it signed with global powers till “the last breath”, PTI reported. He warned the United States that it would “regret” if the pact was broken.
In 2015, Iran had signed an agreement with the US, Russia, China and three other European countries in which it had agreed to limit its nuclear work in return for the lifting of most sanctions imposed on the country. However, in October 2017, US President Donald Trump refused to certify that Tehran was complying with the deal, and threatened to terminate the deal.


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India and Iran sign nine pacts, Modi praises Hassan Rouhani for helping develop Chabahar Port