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Notification of Revised Double Taxation Avoidance Agreement (DTAA) between India and Republic of Korea regarding

Income Tax - Press Release - Dated:- 26-10-2016 - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 26th October, 2016. PRESS RELEASE Sub: Notification of Revised Double Taxation Avoidance Agreement (DTAA) between India and Republic of Korea - regarding The existing Double Taxation Avoidance Convention between India and Korea was signed on 19th July, 1985 and was notified on 26th September 1986. A revised DTAA between India and Korea for the A .....

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e based taxation of capital gains on shares. In line with India s policy of taxation of capital gains on shares, the revised DTAA provides for source based taxation of capital gains arising from alienation of shares comprising more than 5% of share capital. (ii) In order to promote cross border flow of investments and technology, the revised DTAA provides for reduction in withholding tax rates from 15% to 10% on royalties or fees for technical services and from 15% to 10% on interest income. (ii .....

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9(2), provides recourse to the taxpayers of both countries to apply for Mutual Agreement Procedure (MAP) in transfer pricing disputes as well as apply for bilateral Advance Pricing Agreements (APA). Further, as per understanding reached between the two sides, MAP requests in transfer pricing cases can be considered if the request is presented by the tax payer to its competent authority after entry into force of revised DTAA and within three years of the date of receipt of notice of action giving .....

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