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Australia To Update DTA With India

by Mary Swire, Tax-News.com, Hong Kong

16 July 2010


Australia’s Assistant Treasurer, Nick Sherry, has announced that Australia and India will shortly commence discussions to update their existing double taxation agreement (DTA).

"The government is committed to ensuring that Australia's tax treaties continue to facilitate cross-border trade and investment while maintaining the integrity of the tax system," the Assistant Treasurer said. "The existing treaty was signed in 1991 and these latest discussions will provide an opportunity to make any necessary updates to accommodate modern business practice and current international treaty policy."

In 2009, India was Australia's third-largest export market, with two-way goods and services trade totaling almost AUD21bn (USD18.5bn). Australian merchandise exports to India reached AUD14.5bn last year, which represented 7.4% of Australia's total merchandise exports.

"Concluding a modern tax treaty with India will be an important step in achieving the government's goal of updating Australia's tax treaty network with key trade and investment partners," Sherry continued. "I am inviting interested parties to provide comments on how the 1991 Australia-India treaty might be enhanced to better reflect the needs of individuals and businesses.”

Written submissions to the Treasury are being sought by August 13, 2010.

TAGS: tax | business | double tax agreement (DTA) | India | law | Australia | agreements

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