India, Iran sign double taxation pact

India and Iran on Saturday signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, Central Board of Direct Taxes (CBDT) revealed.

The agreement is on similar lines as entered into by India with other countries.

It will stimulate flow of investment, technology and personnel from India to Iran and vice versa, and will prevent double taxation.

The agreement will provide for exchange of information between the two contracting parties as per latest international standards.

It will improve transparency in tax matters and will help curb tax evasion and tax avoidance.

The agreement also meets treaty related minimum standards under G-20 OECD Base Erosion and Profit Shifting (BEPS) project, in which India participated on an equal footing.

-- ANI