Indian government approves tax pact with Syria

June 12th, 2008 - 7:31 pm ICT by IANS  

A file-photo of Manmohan Singh

New Delhi, June 12 (IANS) The Indian government Thursday approved the inking of a pact with Syria to prevent double taxation and the evasion of income tax. The cabinet took the decision at a meeting here presided over by Prime Minister Manmohan Singh.

“Double taxation avoidance agreements aim to avoid and reduce the burden of double taxation on the same tax payer in two countries in order to promote international trade and investments between the two countries,” an official spokesman told reporters after the cabinet meeting.

The agreement with Syria “will stimulate the flow of investment, technology and services from India to Syria and vice versa. It will also provide tax stability to the residents of India and Syria and facilitate mutual economic cooperation,” the spokesman added.

India has so far signed such bilateral agreements with 72 countries.

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