NEW DELHI: India is renegotiating over a two-decade old tax treaty with Singapore and the revised protocol will take into account the concerns of both. "Negotiations are under way with Singapore... So, now that we have renegotiated Mauritius, Singapore is under discussion," Nair said even as she did not divulge a timeline for conclusion of the revision.India and Singapore had entered a Double Taxation Avoidance Agreement (DTAA) on May 27, 1994. The bilateral tax treaty helps in avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.India on May 10 amended the 34-year-old tax treaty with Mauritius. The full rate will kick in from April 1, 2019.The redrawn Mauritius treaty has prompted the government to go for a similar amendment in India's tax treaty with Singapore.Mauritius and Singapore accounted for USD 17 billion of the total USD 29.4 billion India received in FDI during April-December 2015.

Source: Economic Times August 23, 2016 07:41 UTC