Govt. notifies DTAA with Islamic Republic of Iran [Read Notification]

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The Government notified the Double Taxation Avoidance Agreement (DTAA) and prevention of fiscal evasion with respect to taxes on income with the Government of Islamic Republic of Iran.

The Agreement between the Government of the Republic of India and the Government of the Islamic Republic of Iran for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income was signed at New Delhi on the 17th February, 2018.

The Agreement entered into force on the 29th September, 2020, being the date of the later of the notifications of the completion of the procedures required by the respective laws for entry into force of the said Agreement, in accordance with Article 30 of the Agreement.

“Now, therefore, in exercise of the powers conferred by sub-section (1) of section 90 of the Income- tax Act, 1961 (43 of 1961), the Central Government hereby notifies that all the provisions of said Agreement, as annexed hereto, shall be given effect to in the Union of India,” the Finance Ministry notified.

The Government of the Republic of India and the Government of the Islamic Republic of Iran, intending to conclude an Agreement for the elimination of double taxation with respect to taxes on income without creating opportunities for non-taxation or reduced taxation through tax evasion or avoidance (including also through treaty-shopping arrangements aimed at obtaining reliefs provided in this Agreement for the indirect benefit of residents of third States).

The Agreement was signed by Sushil Chandra Chairman, Central Board of Direct Taxes on behalf of Indian Government and Mohammad Khazaee, Deputy Minister of Economic Affairs and Finance and President of the Organization for Investment, Economic and Technical Assistance of Iran on behalf of Iran Government.

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