CCEA to consider India-Austria tax treaty revision on Thursday

NEW DELHI: The Cabinet Committee on Economic Affairs (CCEA) will consider tomorrow the proposal to modify the double tax avoidance treaty with Austria.

A proposal in this regard is on the agenda of the CCEA, sources said.

The existing tax treaty between India and Austria came into force from September 5, 2001. It applies to persons who are residents of one or both the countries.

India has signed Double Taxation Avoidance Agreements (DTAA) with 84 nations and Tax Information Exchange Agreements (TIEA) with 10 jurisdictions.

Austria, as a member of the European Union since 1995, is an important link for India in its relationship with Europe, especially with countries of central and Eastern Europe.

Over 500 Austrian companies are doing business in India and many of them have representative offices. Most of them are joint ventures with Indian companies. India and Austria have a Joint Economic Commission for institutional cooperation.