India, Lithuania sign tax avoidance deal
July 26th, 2011 - 9:23 pm ICT by IANSNew Delhi, July 26 (IANS) India and Lithuania Tuesday signed an agreement to avoid double taxation.
The agreement provides that business profits will be taxable in the source state if the activities of an enterprise constitute a permanent establishment there.
Prakash Chandra, chairman of the Central Board of Direct Taxes, and Petras Simeliunas, the ambassador of Lithuania, signed the pact.
Lithuania is the first Baltic country with which India has signed the tax avoidance agreement.
“(The agreement) will stimulate the flow of investment, technology and services between India and Lithuania,” a finance ministry statement said.
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Tags: ambassador, baltic country, business profits, chandra, direct taxes, double taxation, finance ministry, India, investment technology, lithuania, ministry statement, New Delhi, pact, permanent establishment, petras, tax avoidance