The Indian government, in a press release dated 26 October 2016, announced the signing of a revised agreement with South Korea for the avoidance of double taxation and fiscal evasion. Provisions of new agreement will have effect in India in respect of income derived in fiscal years beginning on or after 1 April 2017. Some key features of the revised agreement are as follows:
- Source-based taxation of capital gains arising from alienation of shares comprising more than 5% of share capital.
- Reduction in withholding tax rates from 15% to 10% on royalties or fees for technical services, and from 15% to 10% on interest income.
- Expansion of the scope of dependent agent permanent establishment provisions.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bengaluru, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
