Deliberate measures to develop co-financing infrastructure projects
The possibility of revising the double taxation avoidance convention (DTAC) that India has with South Korea came up for discussion at a high-level meeting between Finance Minister P. Chidambaram and his counterpart Jaewan Bahk in Seoul on Friday.
According to a Finance Ministry statement here, the two ministers and their delegations at the third India-Korea bilateral meeting discussed a wide range of issues ranging from macroeconomic trends and outlook, fiscal cooperation, revision of the DTAC and expanding mutual information sharing between the taxation authorities to cooperation in modernising the customs system of each country. They also deliberated on public procurement cooperation and measures to develop co-financing infrastructure projects.
Bilateral meeting
“The bilateral meeting is expected to further strengthen this relationship, increase mutual cooperation, and lead to increased investment opportunities in the two countries,” the statement said.
While India-Korea relations rest on deep historical ties based on a strong foundation of shared cultural heritage, commitment to democracy and desire to establish a long-term cooperative partnership, the statement said that the cooperation between the two countries covers all areas of bilateral relations, namely political, economic and commercial, defence, information technology, science and technology and cultural exchange.
Keywords: DTAA, tax evasion, blackmoney, India-South Korea relations
india`s relations with south korea are cordial from very beginning.
It is going to be good for both nations to revise double taxation
avoidance agreement in order to pave the way for bring transparency
adequacy in FDI policies.Now a days money laundering is a hiccup
for the whole world which provide a platform for other evil like
black money,tax heaven in finance relation of countries.Two nation
needs to sort out issues of Pongyant steel plant which is to be set
up in Odisha.
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