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August 7, 2001
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Money > Business Headlines > Report August 7, 2001 |
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India, Austria sign fresh double taxation avoidance treatyBS Economy Bureau India and Austria on Monday entered into a new agreement for avoidance of double taxation and prevention of fiscal evasion. According to an official release, the revised convention will become applicable in India from April 1, 2002, and in Austria from January 1, 2002. The document in this regard was signed by Central Board of Direct Taxes chairman OP Srivastava and Austrian ambassador to India Herbert Traxl. The revised convention will cover income tax in case of India and income tax as well as corporation tax in case of Austria. "The convention and protocol seeks to provide a fresh impetus to the mutual flow of investment, technology, trade and services between the two countries," said the release. To avoid double taxation, India will give credit for taxes paid by its residents in Austria, and Austria will exempt the income taxable in India under the provisions of the new convention. The convention provides for lower rates of taxation vis-à-vis the prevalent rates in the two countries. The rate of taxation on dividends, interest, royalties and fees for technical services under the convention will be 10 per cent. The domestic rate for taxation on interest, royalties and fees for technical services is 20 per cent. The release said the Articles on taxation of dividends, interest, royalties, fees for technical services and capital gains in the convention were similar to those in the recently concluded agreements between India and other countries as far as rates and scope were concerned. Powered by YOU MAY ALSO WANT TO READ:
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