THE AGREEMENT BETWEEN LITHUANIA AND INDIA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME WAS SIGNED IN DELHI
Updated 2011-08-17
On 26 July, the Agreement between the Government of the Republic of Lithuania and the Government of India for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income was signed in Delhi, the capital of India, by Ambassador of Lithuania to India Petras Šimeliūnas and Chairman of the Committee set up under the Central Board of Direct Taxes of the Indian Ministry of Finance Prakash Chandra.
The agreement will ensure a stable and progressive tax system for residents of both countries. The agreement provides for the exchange of information, including bank information. Especially important articles of the agreement allow for co-operation of the two countries and assistance for tax collection.
This agreement and the Investment Promotion and Protection Agreement that was signed on 31 March will improve conditions for business investments and promote closer economic relations between Lithuania and India.
The signing of the agreement is the result of the growing bilateral cooperation and of the strengthening business ties as the 20th anniversary of the establishment of diplomatic relations with India approaches.
Lithuania and India established diplomatic relations on 27 April 1992.
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