Agreement with Canada on energy, with Syria on tax: Cabinet

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New Delhi, June 12 (UNI) The Cabinet today gave its approval to the Memorandum of Agreement signed with a Canadian University for scientific and technical cooperation with Syria for avoidance of double taxation and prevention of fiscal evasion in respect of taxes on income.

The Ministry of New and Renewable Energy had signed the MoA with the National Institute of Renewable Energy, University of Saskatchewan, Canada, under the MoU on Indo-Canadian Renewable Energy Cooperation which had come into force on March 28 this year.

The MoU aims to strengthen cooperation in research, design and development of new and renewable energy technologies, an official spokesman said.

The double taxation avoidance agreements aim to prevent and reduce the burden of double txation on the same tax payer in two countries in order to promote international trade and investments between the two countries.

It would stimulate the flow of investment, technology and services from India to Syria and vice versa and provide tax stability to the residents of India and Syria and facilitate mutual economic cooperation.

So far, India has signed such bilateral agreements with 72 other countries.

UNI SN RR DB1341

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