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.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.