The Union Cabinet today gave its approval to the Agreement signed between India and Syrian Arab Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion in relation to taxes on income.

Double Taxation Avoidance Agreements aim to avoid and reduce burden of double taxation on the same tax payer in two countries in order to promote international trade and investments between the two countries. Double Taxation Avoidance Agreement between India and Syria will stimulate the flow of investment, technology and services from India to Syria and vice versa. It will also provide tax stability to the residents of India and Syria and facilitate mutual economic cooperation.

India has so far signed such bilateral agreements with 72 other countries.

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HS/CS

Double taxation avoidance treaty establishes tax allocation, anti evasion cooperation, and stability to promote cross border investment and trade. Approval is recorded for a bilateral tax treaty between India and the Syrian Arab Republic that establishes a framework for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income, allocating taxing rights, reducing double taxation for residents and cross border taxpayers, and providing for co operation and information exchange between tax authorities to provide tax stability and promote cross border economic activity.