The ceremony was held at the Indian Ministry of Finance, and Minister Aasland thanked the Indian Government for the earlier hosting of two rounds of negotiations.
“We believe that the new tax agreement signed here today represents a balanced agreement that will facilitate further economic cooperation and relations between Norway and India in both the public and private sector,” Minister Aasland said in her address.
Finance Minister Mukherjee stressed the importance of transparency and the sharing of information. “With the Double Taxation Avoidance Agreements we have a much stronger foundation”, Minister Mukherjee stated. Fighting illegal money flow and tax withholding are high up on the Norwegian as well as the Indian political agenda.
The revised tax agreement is for the avoidance of double taxation and the prevention of fiscal evasion. The new bilateral agreement will replace the existing agreement which was signed in 1986. Minister Aasland explained that developments in the economic relations between India and Norway since the 1980ies made it necessary to update the tax agreement.