India, Spain sign pact on tax info

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India, Spain sign pact on tax info
TIMES NEWS NETWORK

New Delhi: India on Friday signed a tax avoidance agreement with Spain that will facilitate exchange of information on its tax evaders and getting details of financial transactions of domestic companies.
The agreement on amending the protocol for avoidance of double taxation and the prevention of tax evasion was
signed by finance minister P Chidambaram with Spanish foreign minister Jose Manuel Garcia-Margallo Marfil.
A note from the finance ministry said the pact will help in collection of taxes and would reduce obstacles in gathering information and prevent the abuse of the convention’s benefits. The government’s recent initiatives in revising tax treaties have helped the flow of information from foreign countries.
Railway agreement
New Delhi: The railways on Friday signed an agreement with Spain to promote cooperation and information exchange in the areas of bullet trains, enhancing speed of passenger trains on existing lines and improving safety of train operations. TNN