India and USA Signed MoU for Collaboration in Third World Countries
- India and the USA signed a MoU to collaborate in the fields of developmental activities and aid in third world countries on January 13, 2017.
- The MoU has been signed between the Millennium Challenge Corporation (MCC), and Development Partnership Administration (DPA) of the Ministry of External Affairs of India.
- MCC is a US agency providing eligible countries with grants to fund country-led solutions for reducing poverty through sustainable economic growth.
- DPA looks after implementation of India’s development cooperation programmes with partner countries.
- The two countries would collaborate on exchange of information and experience in sectors or issues pertaining to project development or implementation in partner countries.
India and Kazakhstan Signed Protocol for DTAC Amendment
- India signed a protocol to amend the existing Double Taxation Avoidance Convention (DTAC) with Kazakhstan on January 5, 2017.
- Earlier, the protocol was signed on December 9, 1996 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income.
- The amended protocol would enable internationally accepted standards for effective exchange of information on tax matters.
- Further, the information received from Kazakhstan for tax purposes can be shared with other law enforcement agencies with authorisation of the competent authority of Kazakhstan and vice-versa.
- It will also insert a Limitation of Benefits Article, to provide a main purpose test to prevent misuse of the DTAC and to allow application of domestic law and measures against tax avoidance or evasion.
