India signs taxation, consular agreements with UAE
Abu Dhabi: India and UAE today signed agreements to amend the double taxation avoidance treaty that will pave the way for greater sharing of tax related information between the two countries and also agreed to set up a joint committee to look after consular issues. The amendments to the treaty was signed during India-UAE Joint Commission meeting, presided over by External Affairs Minister S M Krishna and his UAE counterpart, Sheikh Abdullah bin Zayed Al Nahyan here.
The meeting was preceded by one-on-one talks between the two ministers and followed by delegation-level talks. With the avoidance of double taxation treaty been amended, the article on exchange of information has been updated to bring it at par with internationally accepted standards. Now the banking information as well as any information without any domestic tax interest can be shared between the two countries.
Addressing a joint press conference with Sheikh Abdullah following the meeting, Krishna said India and UAE have a productive and long lasting relationship. Calling energy security as a priority area, he said India looks forward to the UAE for meeting its growing energy requirements. As part of the agreement, concerns on issues related to birth or death registration, quasi-judicial matters like detention or arrest, travel documents like passport and visa among others affecting Indian or UAE nationals would be examined by the Joint Committee.
It will look into their concerns and suggest ways and means to address them for the benefit of the people from India and the UAE. Krishna also sought UAE investment in the infrastructure sector in India. Both the ministers lauded the contribution of NRIs in strengthening India-UAE ties. UAE`s Foreign Minister said the UAE considers India as its strategic partner and will continue to expand its ties in various sectors. Sheikh Abdullah will visit New Delhi next month.