Govt moves to enhance India tax treaty
The Treasury has called for submissions on how Australia’s tax treaty with India can be updated to better reflect the needs of businesses and individuals.
The Assistant Federal Treasurer, Senator Nick Sherry, announced that Australia would shortly engage in discussions with India, one of its most important and growing trade partners, he said.
“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,” Sherry 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.”
India was Australia’s third-largest export market in 2009, with two-way goods and services trade totalling $20.9 billion. Australian merchandise exports to India reached $14.5 billion last year, which represented 7.4 per cent of Australia's total merchandise exports.
The discussions with India are part of the Government’s goal to update tax treaty networks with key trade and investment partners.
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