Fiscal Evasion Current Affairs
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The Union Cabinet approved Agreement between India and Hong Kong, special administrative region of China for Avoidance of Double Taxation and 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. It will also prevent double taxation and provide for exchange of information between them. It will also improve transparency in tax matters and will help curb tax evasion and tax avoidance.
The Section 90 of Income Tax (IT) Act, 1961 empowers Central Government to enter into agreement with foreign country or specified territory for avoidance of double taxation of income and for exchange of information for prevention of evasion or avoidance of income-tax chargeable under IT Act, 1961. This Agreement is on similar lines as entered into by India with other countries.