Published on 13/11/2017 9:58:16 AM | Source: Dion Global Solutions Ltd.

Cabinet approves double taxation pact with Hong Kong

The Indian Government has said that the Cabinet has given its green light to enter into an agreement between India and the Hong Kong Special Administrative Region (HKSAR) of China for avoidance of double taxation and prevention of tax evasion. As per reports, the Cabinet, chaired by PM Narendra Modi, also approved the protocol amending the agreement between India and Kyrgyzstan for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.

“The agreement with Hong Kong will stimulate flow of investment, technology and personnel, prevent double taxation and provide for exchange of information between the two contracting parties,” a Government official said. “It will also improve transparency on tax matters and help curb tax evasion and avoidance,” he added.

As per reports, the Cabinet also approved Rs 25,703 crore for development of an Exhibition-cum-Convention Centre at Dwarka to put Delhi in the league of Shanghai, Hong Kong and Singapore in the area of exhibition market. ECC and allied infrastructure will be developed in PPP and non-PPP mode by 2025.