Logo

Current Affairs

Current Affairs

India, Iran sign MoU to avoid Double Taxation

          India and Iran today signed an agreement for the Avoidance of Double Taxation (DTAA) and the prevention of fiscal evasion with respect to taxes on income.The information was shared by the Central Board of Direct Taxes (CBDT).

          The pact will stimulate flow of investment, technology and personnel from India to Iran as well as from Iran to India and will prevent double taxation. It will also provide for exchange of information between the two contracting parties as per latest international standards.

Significance

• The pact will stimulate flow of investment, technology and personnel from India to Iran as well as from Iran to India and will prevent double taxation.

• It will also provide for exchange of information between the two contracting parties as per latest international standards.

• It will also improve transparency in tax matters and will help curb tax evasion and tax avoidance.

• The agreement also meets treaty related minimum standards under G-20 OECD Base Erosion and Profit Shifting (BEPS) project, in which India participated on an equal footing.


Besides this, India and Iran signed 8 other Memorandums of Understanding (MoUs) to expand cooperation between them on various matters including traditional systems of medicine, health and medicine, agriculture and postal cooperation.

The countries also signed a maritime agreement, in which Iran leased operational control of a part of the Chabahar port to India for a period of18 months.

Following is the full list of MoUs:

S. No.

Name of MoUs/Agreements

Description of MoU/ Agreement

1.

Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on Income.

To avoid burden of double taxation between the two countries in order to promote flow of investment and services.

2.

MoU on Exemption from Visa requirement for holders of Diplomatic Passports.

Waiver of requirement of visa for the travel of diplomatic passport holders in each country.

3.

Exchange of Instrument of Ratification of Extradition Treaty.

It brings into effect the Extradition Treaty signed between India and Iran in 2008.

4.

Lease Contract for Shahid Beheshti Port- Phase 1 of Chabahar during Interim Period between Port and Maritime Organization (PMO), Iran and India Ports Global Limited (IPGL).

Leasing of a part of the area of the multipurpose and container Terminal for a term of one and half solar year (18 months) to take over operation of existing port facilities.

5.

MoU on Cooperation in the field of Traditional Systems of Medicine.

To develop and strengthen cooperation in traditional systems of medicine including regulation of teaching, practice, drugs and drugless therapies; facilitating supply of all medicine materials and documents; exchange of experts for training of practitioners, paramedics, scientists, teaching professionals and students and accommodating them in institutions for research, educational and training programmes; mutual recognition of pharmacopoeias and formularies; setting up of academic chairs; provision of scholarships; recognition of traditional preparations on reciprocity basis; permission to practice on reciprocity basis.

6.

MoU on the establishment of an Expert Group on Trade Remedy Measures to promote cooperation in areas of mutual interest.

It aims to establish a framework of cooperation in the area of Trade Remedial Measures viz. anti-dumping and counterveiling duty.

7.

MoU on Cooperation in the field of Agriculture and Allied Sectors.

Bilateral cooperation in the field of agriculture and allied sector including joint activities, programmes,exchange of information and personnel; cooperation in the field of agricultural crops, agricultural extension, horticulture, machinery, post harvest technology, plant quarantine measures, credit and cooperation, soil conservation, seed technology, livestock improvement, dairy development.

8.

MoU on Cooperation in the field of Health and Medicine.

To establish comprehensive inter-ministerial and inter-institutional cooperation between two sides including pooling of technical, scientific, financial and human resources; upgrading the quality and reach of human, material and infrastructural resources in healthcare, medical education, research and training; exchanging experience in training of medical doctors and other health professionals; assistance in development of human resources and setting up of health care facilities; regulation of pharmaceuticals, medical devices and cosmetics and exchange of information thereon; cooperation in medical research; cooperating in public health, Sustainable Development Goals (SDGs) and international health.

9.

MoU on Postal Cooperation.

Cooperation between the two postal agencies including exchange of experience, knowledge and technology in e-commerce/logistics services; cooperation on philately; establishment of working group of experts; feasibility studies on using air and surface transit capacities of both countries.

Further, following agreements were signed between the trade bodies of the two nations on the sidelines of Iranian President’s visit:

1. MoU between EEPC India and Trade Promotion Organization of Iran.

2. MoU between Federation of Indian Chambers of Commerce & Industry (FICCI) and Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA).

3. MoU between the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and the Iran Chamber of Commerce, Industries, Mines & Agriculture (ICCIMA).

4. MoU between PHD Chamber of Commerce and Industry (PHDCCI) and Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA)

Reviews


Russia-India partnership second to none

Russia’s partnership with India is “second to none” and cannot be compared with its relationship with Pakistan, Russian Ambassador Nikolay Kudashev said.

Asked about Russia’s two-week military drill in October with Pakistan near the Russian town of Minralney Vody, he said there is no comparison between ties with India and Pakistan and that the purpose of the drills was counter-terror cooperation.

Russia partnership with India is second to none while it has a normal inter-state relationship with Pakistan. Russia favours “space” for all stakeholders in the region like India, Japan, the U.S. and Australia for deeper cooperation in the Indo-Pacific. There should “open cooperation” among all countries.

Washington has been pressing for strengthening Indo-U.S. cooperation in the Indo-Pacific region.

Japan’s Foreign Minister Taro Kono said recently that Tokyo favours a dialogue between Japan, the U.S., India and Australia to further boost strategic partnership.

The tri-services exercise between India and Russia were conducted from October 19 to 29. More than 900 soldiers, sailors and air warriors participated in the exercise along with over 1,000 personnel from the Russian defence forces. A senior official said no decision has been taken on whether the tri-services exercise will be an annual feature.

Reviews


ISA extends india's rights to explore polymetallic nodules

Image result for ISA extends india's rights to explore polymetallic nodules

  • India’s exclusive rights to explore polymetallic nodules from seabed in Central Indian Ocean Basin (CIOB) have been extended by five years.
  • These rights are over 75000 sq. km of area in international waters allocated by International Seabed Authority for developmental activities for polymetallic nodules.
  • The estimated polymetallic nodule resource potential is 380 million tonnes, containing 4.7 million tonnes of nickel, 4.29 million tonnes of copper and 0.55 million tonnes of cobalt and 92.59 million tonnes of manganese.
  • This has been approved unanimously in the 23rd session of International Seabed Authority (ISA) concluded on August 18, 2017 at Kingston, Jamaica.
  • India is the first country to have received the status of a pioneer investor in 1987 and was allocated an exclusive area in Central Indian Ocean Basin by United Nations (UN) for exploration and utilization of nodules.

Image result for ISA extends india's rights to explore polymetallic nodules

Reviews


India gets nod from World Bank to construct Kishanganga, Ratle projects under Indus Water Treaty

Image result for world bank clearance for kishanganga ratle projects

  • India is allowed to construct hydroelectric power facilities on tributaries of the Jhelum and Chenab rivers with certain restrictions under the 1960 Indus Waters Treaty (IWT).
  • Pakistan opposes the construction of the Kishanganga (330 megawatts) and Ratle (850 megawatts) hydroelectric power plants being built by India in Jammu and Kashmir.
  • The IWT was signed in 1960 after nine years of negotiations between India and Pakistan with the help of the World Bank, which is also a signatory.
Reviews


India, Somalia ink pact on transfer of sentenced prisoners

Image result for india - somalia agreement on transfer of prisoners

  • India and Somalia today signed an agreement for transfer of sentenced prisoners after a meeting between their foreign ministers who discussed the entire gamut of bilateral relations, including the issues of piracy and maritime security.
  • Signing the agreement with Somalia will facilitate the Indian inmates imprisoned in Somalia or vice-versa to be near to their families, for serving remaining part of their sentence and shall facilitate their social rehabilitation.
Reviews