Tax officials from India and Maldives on April 11 signed a tax information exchange agreement (TIEA) and an agreement providing airlines with relief from double taxation, Indian’s Central Board of Direct Taxes (CBDT) has announced.
The TIEA is based on international standards and includes the exchange of banking information, the CBDT said.
Under the second agreement, an Indian airline is exempt from Maldivian tax on income from the operation of aircraft in international traffic and a Maldivian enterprises is similarly exempt from Indian tax. The treaty also includes mutual agreement procedure to handle any disputes arising from the new provision.
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