Agreement between India-Taipei Association in Taipei and Taipei Economic and Cultural Center for Double Taxation Relief, as per Notification Issued On 2-9-2011

WHEREAS the agreement between India-Taipei Association in Taipei and Taipei Economic and Cultural Center in New Delhi for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (hereinafter referred to as the “agreement”) was signed in India on the 12th day of July, 2011.

WHEREAS in terms of article 29 of the agreement, both India-Taipei Association in Taipei and Taipei Economic and Cultural Center in New Delhi are required to communicate to each other about the completion of the procedures required by the laws in their respective territories for the entry into force of the agreement.

WHEREAS the said agreement shall come into force on the 12th day of August, 2011, being the date of the later of the notifications after completion of the procedures as required by the laws of the respective territories for the entry into force of the agreement, in accordance with the provisions specified in article 29 of the agreement.

Whereas sub-section (1) of section 90A of the Income-tax Act, 1961 empowers the Central Government to make such provisions as may be necessary for adopting and implementing the agreement made between any specified association in India and any specified territory outside India.

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 90A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby adopts the agreement between India-Taipei Association in Taipei and Taipei Economic and Cultural Center in New Delhi for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and notifies that all the provisions of the said agreement annexed hereto shall be given effect to in the Union of India with effect from the 1st day of April, 2012.

 

India-Taipei Association in Taipei and Taipei Economic and Cultural Center in New Delhi, desiring to conclude an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, have agreed as follows:

This Agreement shall apply to persons who are residents of one or both of the territories.

This Agreement shall apply to taxes on income imposed on behalf of each territory or of its sub-divisions or local authorities, irrespective of the manner in which they are levied.

There shall be regarded as taxes on income all taxes imposed on total income, or on elements of income, including taxes on gains from the alienation of movable or immovable property and taxes on the total amounts of wages or salaries paid by enterprises.

The existing taxes to which the Agreement shall apply are in particular:

 ( a )  in the territory in which the taxation law administered by the Ministry of Finance of India is applied : the income-tax, including any surcharge thereon;

 ( b )  in the territory in which the taxation law administered by the Ministry of Finance in Taipei is applied :

  ( i )  the profit seeking enterprise income-tax;

 ( ii )  the individual consolidated income-tax; and

( iii )  the income basic tax, including the supplements levied thereon.

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