Cabinet approves agreement between India, Hong Kong Special Administrative Region of China for avoidance of Double Taxation
New Delhi, Nov 10 (IBNS): The Union Cabinet chaired by Prime MinisterNarendra Modi has given its approval forentering into an Agreement between India and the Hong Kong Special Administrative Region (HKSAR) of China for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income.
The Agreement will stimulate flow of investment, technology and personnel from India to HKSAR & vice versa, prevent double taxation and provide for exchange of information between the two Contracting Parties. It will improve transparency in tax matters and will help curb tax evasion and tax avoidance, read a government statement.
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