Prime Minister Narendra Modi visited Ethiopia on a bilateral visit, engaging with Ethiopian leadership to strengthen partnerships in various sectors. He was warmly welcomed by Prime Minister Abiy Ahmed Ali and participated in cultural events, highlighting the strong ties between the two nations.
'Even if tariffs are reduced, non-tariff may still remain a challenge.'
The Union Cabinet on Wednesday gave its approval for the proposed SAARC Limited Multilateral Agreement for the Avoidance of Double Taxation and Mutual Administrative Assistance in tax matters.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
Switzerland finally signed an agreement to exchange information on potential money launderers and tax dodgers last week but neither this nor a modified tax avoidance treaty is likely to help India.
The agreement, convention on mutual administrative assistance in tax matters, is a multilateral agreement of 31 other nations.
India has ratified an international convention on taxation which will help the country in bringing back illegal funds stashed abroad, the finance ministry said on Friday.
Many requests are pending with the Swiss authorities.
Marking the end of strict banking secrecy practices, Switzerland earlier this month agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities.
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
India and a large number of other countries, including Switzerland, have adopted a global declaration for automatic exchange of tax information under auspices of OECD.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
These individuals largely include businessmen associated with companies, including the dummy ones, in sectors ranging from real estate, financial services, technology and telecom to paints, home decoration, textiles, engineering goods, gems and jewellery. Several of these persons and their companies are said to be based in Kolkata, Gujarat, Bengaluru, Delhi and Mumbai.
China became the 56th signatory to the agreement by signing the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. With this all the G20 nations, including India, have become official partners to combat the menace of tax crimes and evasion across international borders.
It further said India is facilitating external commercial borrowings by startups in order to encourage innovation and promote ease of doing business.
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