India and Luxembourg to sign treaty on avoidance of double taxation

Bangalore, Apr 25 (UNI) India and Luxembourg will soon sign a treaty on avoidance of double taxation, visiting Luxembourg Minister of the Economy and Foreign Trade Jeannot Krecke said today.

Addressing a Seminar on Trade and Economic Cooperation between the two countries organised by the Confederation of Indian Industry (CII) and the Luxembourg Board of Economic Development here, he said that the issue had been pending for over a decade and during his discussions with Union Finance Minister P Chidambaram in Delhi yesterday some finality was arrived. Soon the treaty would be signed, he added.

Mr Krecke, who was here to invite Indian entrepreneurs to invest in Luxembourg, said that India's status in the world had changed over the last three years. The country which had been attracting foreign direct investment has now earned the reputation of being major investors in other countries and cited the recent steel acquisitions by the Mittal Group and the Tatas. Last time when he visited India the issue of Arcelor acquisition by Mittal Steel was in limelight and he could feel the sense of Indian response to Luxembourg's opposition by his reception. However this time the meetings were most cordial, he added.

UNI