Ahead of the Saudi monarch's visit to India later in the month, members of the Indian cabinet last week gave their consent for the signing of a convention with Saudi Arabia for the avoidance of double taxation and prevention of tax evasion.
Speaking following the cabinet meeting last week, information and broadcasting minister Priyranjan Dasmunsi explained that the agreement will help to stimulate the flow of investment between India and Saudi Arabia, particularly in the technology and services sector, while also providing tax stability to residents of both countries.
Mr Dasmunsi added that the pact will assist the authorities in combating organised crime.
Saudi King Abdullah Bin Abdul Aziz Al-Saud is due to visit India on January 24 on a three-day tour - the first visit by a Saudi monarch to the country in decades.
The Indian cabinet has also approved an agreement for the Avoidance of the Double Taxation and prevention of fiscal evasion with Croatia.
India has now signed double taxation avoidance treaties with 69 countries.
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