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TMI BlogNotification of Revised Double Taxation Avoidance Agreement (DTAA) between India and Republic of Korea – regardingX X X X Extracts X X X X X X X X Extracts X X X X ..... between India and Republic of Korea - regarding The existing Double Taxation Avoidance Convention between India and Korea was signed on 19th July, 1985 and was notified on 26th September 1986. A revised DTAA between India and Korea for the Avoidance of Double Taxation and the Prevention of Fiscal evasion with respect to taxes on income which was signed on 18th May 2015 during the visit of Hon'bl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and from 15% to 10% on interest income. (iii) The revised DTAA expands the scope of dependent agent Permanent Establishment provisions in line with India's policy of source based taxation. (iv) To facilitate movement of goods through shipping between two countries and in accordance with international principle of taxation of shipping income, the revised DTAA provides for exclusive residence b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the pendency of Mutual Agreement Procedure (MAP) has already been signed by Competent Authorities of India and Korea on 9th December 2015. The MoU provides for suspension of collection of outstanding taxes during the pendency of MAP proceedings for a period of two years (extendable for a further maximum period of three years) subject to providing on demand security / bank guarantee. (vi) The Ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ailed only by the genuine residents of both the countries. The revised DTAA aims to avoid the burden of double taxation for taxpayers of two countries in order to promote and thereby stimulate flow of investment, technology and services between India and Korea. The revised DTAA provides tax certainty to the residents of India and Korea. (Meenakshi Goswami) Commissioner of Income Tax (Media & T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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