India and Iran signs pact to avoid double taxation & to prevent fiscal evasion

India and Iran has recently signed Double Taxation Avoidance Agreement (DTAA) and the Prevention of Fiscal Evasion with respect to taxes on income in New Delhi. The Agreement will stimulate flow of investment, technology and personnel from India to Iran & 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 & Profit Shifting (BEPS) Project, in which India participated on an equal footing.