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Black money: India, Japan sign agreement to amend DTAA

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New Delhi | Published: December 12, 2015 8:06:08 PM

India and Japan today signed an agreement to amend the Double Taxation Avoidance Agreement (DTAA) which will help in reducing tax avoidance and act as a deterrent against tax evasion as well as accumulation of black money.

The agreement was signed in the presence of Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe. (PTI)The DTAA agreement was signed in the presence of Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe. (PTI)

India and Japan today signed an agreement to amend the Double Taxation Avoidance Agreement (DTAA) which will help in reducing tax avoidance and act as a deterrent against tax evasion as well as accumulation of black money.

The agreement was signed in the presence of Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe.

This agreement amends the convention between India and Japan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, signed in 1989, an official statement said.

“It will stimulate effective exchange of information including banking information between India and Japan. It will act as a deterrent and help in reducing tax avoidance and evasion and will also enable assistance in collection of taxes between India and Japan,” it said.

A statement of intent was also exchanged between NITI Aayog and Institute of Energy Economics, Japan (IEEJ).

This lays down the broad mission of promoting cooperation between NITI Aayog and IEEJ for the purpose of analysing issues related to energy sector to examine and understand various issues in the world such as resource availability, production, consumption, sectoral demands, local and global environmental impacts and implications of changes in energy prices and technology.

Further, both the countries also signed a memorandum in the field of forests and forestry.

The memorandum endeavours to enhance cooperation in human resource development and institutional exchange between training institutes; enhancement of forest conservation and forest disaster prevention; conservation of biodiversity; effective utilization of forest resources; and research and development in forestry sector.

Another MoU was inked between the Chief Minister of Andhra Pradesh and Governor of Toyama Prefecture to enhnace mutual collaboration between their governments and companies in the interest areas of economic exchange; pharmaceutical production tourism exchange; person-to-person and academic exchange.

An MoU between Kerala and Lake Nakaumi, Lake Shinji & Mt Daisen area Mayors Association was exchanged as per which Japan has agreed to develop trade, investment and economic relations between the business circles particular SMEs.

A memorandum to promotes collaboration between nstitute of Management, Ahmedabad and National Graduate Institute for Policy Studies (GRIPS) were signed to identify opportunities for academic exchange and collaboration.

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