India and World July Current Affairs 2016
India and Morocco Launched Chamber of Commerce
- Vice-President Hamid Ansari and Moroccan Prime Minister Abdelilah Benkirane jointly launched India-Morocco Chamber of Commerce and Industry (IMCCI) to accelerate the pace of economic development between the two countries on May 31, 2016.
- Bilateral trade between the two countries stood at $ 1.26 billion in 2015 with Indian exports forming roughly 25% of the trade volume.
- Indian companies have cumulatively invested more than $ 320 million in Morocco, including in our flagship project—the Indo-Maroc Phosphate SA joint venture.
Cabinet Approved DTAA with Belgium
- The Union Cabinet chaired by the Prime Minister Narendra Modi approved the protocol amending the agreement between India and Belgium for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income on June,22, 2016.
- The amendment in the protocol will broaden the scope of the existing framework of exchange of tax related information between the two countries, which will help curb tax evasion and tax avoidance.
- The protocol will also revise the existing treaty provisions on mutual assistance in collection of taxes.