India, Hong Kong set to sign tax agreement

By added on 30/04/2010

The Government of India has moved to initial Double Tax Avoidance Agreements (DTAA) with Hong Kong, reports CNBC-TV18. India has notified Hong Kong as "specified territory" for tax purposes.

The Centre has identified nine so-called ‘tax havens’ with which talks are being initiated for signing agreements to gain access to information about secret accounts overseas used by Indian nationals to stash black money.

The government has approved notification of Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, (all British overseas territories); Guernsey, Isle of Man, Jersey, (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of Netherlands); and Macau (a special administrative region of the People's Republic of China) as " specified territories" under section 90 of the Income Tax Act, 1961.