The Indian government on 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.
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Business Law Digest is compiled with the assistance of BAKER MCKENZIE. Readers should not act on this information without seeking professional legal advice. You can contact Baker & McKenzie by e-mailing Danian Zhang at danian.zhang@bakermckenzie.com, or for general enquiries contact Anand Ramaswamy at anand.ramaswamy@bakermckenzie.com
Additional copy regarding new treaties with India was compiled by Nishith Desai Associates (NDA), a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich.