Cabinet approves signing of Air Services Agreement between India and Fiji
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of new Air Services Agreement (ASA) between India and Fiji.
The Agreement is for updation of the existing Air Services Agreement (ASA) between the two countries which was signed on 28th January, 1974. The updation is as per latest ICAO template keeping in view the latest developments in civil aviation sector and with an objective to improve the air connectivity between the two countries.
A draft text of Air Service Agreement has been finalized in consultation with Ministry of Law & Justice (Department of Legal Affairs), Ministry of Finance (Department of Economic Affairs, Department of Revenue), Ministry of External Affairs, Department of Commerce and Ministry of Tourism.
The essential features of the Air Services Agreement are as follows:
i. Both countries shall be entitled to designate one or more airline.
ii. The designated airlines of either country shall have the right to establish offices in the territory of the other country for the promotion and sale of air services.
iii. The designated airlines of the two countries shall have fair and equal opportunity to operate the agreed services on specified routes. The routes and frequencies shall be decided subsequently.
iv. The designated airline will be free to decide tariffs in respect of the agreed services at reasonable levels based on the commercial considerations.
v. The designated Airline of each party can enter into cooperative marketing arrangements with the designated carriers of same party and other party.
vi. Apart from the above, the ASA also has the provisions relating to Revocation or Suspension of Operating Authorization, Principles governing operations of agreed services, commercial opportunities, safety related clause etc. that were incorporated in the line of Indian model ASA.
vii. The existing Route Schedule annex to the ASA has also been revised and new points of call have been added for enhanced connectivity. Now Indian carriers can operate to any points in Fiji from points in India whereas the carriers of Fiji can establish direct operation to Delhi, Mumbai and Chennai in India and by code share with Indian carriers to Bangalore, Kolkata, Hyderabad apart from points given for direct operation. Besides this, Kochi, Varanasi, Ahmedabad and Amritsar may be served through domestic code share operations.
Cabinet approves Agreement between India & Cyprus for Avoidance of Double Taxation
India, today took another major step in the fight against tax evasion, "round tripping" and "base erosion/profit shifting". The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of an Agreement and the Protocol between the India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income.
This step follows the recent amendment of the Double Taxation Avoidance Agreement with Mauritius. As in the case of Mauritius, the treaty with Cyprus had provided for residence-based taxation of capital gains. With the revision of the treaty now approved by the Cabinet, capital gains will be taxed in India for entities resident in Cyprus, subject to double tax relief. In other words, India will have the right to tax capital gains arising in India. The provisions in the earlier treaty for residence-based taxation were leading to distortion of financial and real investment flows by artificial diversion of various investments from their true countries of origin, for the sake of avoiding tax. As in the case of Mauritius, this amendment will deter such activities. Negotiations with Singapore are also underway for similar changes.
Vienna: Shri Piyush Goyal, Union Minister of State (IC) for Power, Coal and New & …
[vc_row][vc_column][vc_column_text]New Delhi: The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has been apprised of the signing of a Memorandum of Understanding (MoU) between India and South Africa to establish cooperation in Grassroots Innovation. The MoU was signed on July 07, 2016 at Pretoria in pursuance to the Inter-Government Agreement between two countries for cooperation in Science & Technology.
Under this MoU, both countries will jointly organise various programmes such as forums, seminars, workshops, and training on matters related to innovation; share open source technologies with each other and jointly develop projects (and including partnering with relevant industries in the respective countries) to assist innovators in converting their ideas into commercially viable innovations leading to joint technology development and transfer of technology for Societal benefit.
The MoU will provide a mechanism and help in creating an ecosystem that will promote inclusive innovation and entrepreneurship at the grassroot level in both countries with particular focus on Indigenous knowledge systems and Agriculture Biotechnology.