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India, Lithuania Sign DTA

by Mary Swire,, Hong Kong

28 July 2011

The Indian government has announced the signing of an agreement and protocol for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital, with Lithuania.

The agreement and protocol were signed by Shri Prakash Chandra, Chairman of the Central Board of Direct Taxes, on behalf of the government of India, and Petras Simeliunas, the Lithuanian Ambassador to India. The double tax agreement is the first to be signed between India and a Baltic state.

Under the terms of the agreement, dividends will be taxed at source at a minimum rate of 5%, subject to conditions, or a maximum rate of 15%. Interest, royalties and fees for technical services will be subject to a 10% rate at source.

In addition, the agreement incorporates provisions for the exchange of tax information between the two countries' tax authorities in line with the Organization for Economic Cooperation and Development model agreement. The Agreement also has an article on assistance in the collection of taxes.

The agreement must first be ratified by both parties before it can enter into force.

TAGS: tax | double tax agreement (DTA) | India | interest | royalties | fees | agreements | dividends | Lithuania | services

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