India, Lithuania sign tax avoidance deal

July 26th, 2011 - 9:23 pm ICT by IANS  

New 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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