The Hindu Business Line : India, Serbia sign double tax avoidance treaty

The Union Finance Minister, Mr P. Chidambaram, with the Minister of International Economic Relations, Serbia & Montenegro, Dr Predrag Ivanovic, in the Capital on Wednesday. - Ramesh Sharma

New Delhi , Feb. 8

INDIA and Serbia & Montenegro have signed a double taxation avoidance convention (DTAC) to promote trade and investment between the two countries.

The Convention provides for moderate rates of taxes on certain categories of income in line with the recently concluded tax treaties.

While the Union Finance Minister, Mr P. Chidambaram, signed the DTAC on behalf of India, Dr Predrag Ivanovic, Minister for International Economic Relations, signed on behalf of the Council of Serbia & Montenegro.

An official release said that the DTAC would cover income-tax, surcharge thereon and wealth tax in the case of India and profit tax, income-tax, tax on capital gains and tax on revenues from international transport in the case of Serbia & Montenegro.

Apart from providing for avoidance of double taxation, the proposed DTAC also provides for exchange of information and a mutual agreement procedure to resolve the issues regarding the application of DTAC.

India has signed double taxation avoidance agreements with 69 countries.

Trade pact signed: The signing of the DTAC between India and Serbia & Montenegro comes a day after both the countries entered into a `Trade and Economic Cooperation' agreement.

The Trade and Economic Cooperation agreement provides for among others the grant of Most Favoured Nation treatment in mutual trade of goods and services originating in their respective countries and setting up of a joint economic committee to explore new areas of bilateral trade.

While the Commerce and Industry Minister, Mr Kamal Nath, signed this agreement on behalf of India, Dr Ivanovic, signed on behalf of the Republic of Serbia & Montenegro.

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