Union Cabinet Thursday approved signing of a protocol with Hungary for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income. This convention and the protocol, after coming into force, would stimulate flow of capital, technology and personnel between the two countries, parliamentary affairs minister Pramod Mahajan told reporters.
The convention and protocol would be signed after it is approved by the respective governments. India has an existing double taxation avoidance convention with Hungary since 1986 but in view of the changes in laws of both the countries, negotiations were opened for revising it.
Bureau Report