Fijians can look forward to a significant increase in the amount of Indian investment in the country.
This is after the Attorney General and Minister for Industry and Trade, Aiyaz Sayed-Khaiyum signed a double Taxation Avoidance Agreement with the Government of India yesterday.
According to a Government statement, Sayed-Khaiyum said that the agreement will prevent Indian investors from being taxed in India on business profits earned in Fiji, making it much more appealing for them to invest in the country, growing the economy and creating jobs for ordinary Fijians.
He said the same is true for Fijian investors in India.
He said this agreement has the potential to seriously boost the Fijian economy by encouraging a stronger flow of investment, technology and services between Fiji and India.
Sayed-Khaiyum said this agreement will also help prevent tax evasion and false investor declarations.
He said the agreement spares Fijian students that are studying in India from paying taxes, if they choose to work whilst studying.
Sayed-Khaiyum said under this agreement, the Indian Revenue and Tax Authority will assist Fiji Revenue and Customs Authority to recover any taxes owed to Fiji, by individuals or companies residing in India.
Story by: Ronal Deo
