|Mahatma Gandhi's bust in Medellin|
The innauguration of the Mahatma Gandhi's bust at the Museum of Memory at Bicentenario Park will take place on May 21 2013 at 5:00 pm. The cityhall of Medellín and the Embassy ofIndia have installed the bust, with the help of the Honorary Indian Consulate in Medellín. The bust was donated by the Indian Council for Cultural Relations ICCR and was brought directly from India.
On 13 May 2011, India signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Agreement was signed by Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes on behalf of the Government of India and by Mr. Juan Alfredo Pinto Saavedra, Ambassador of the Republic of Colombia to India, on behalf of the Republic of Colombia.
The DTAA provides that business profits will be taxable in the source State if the activities of an enterprise constitute a permanent establishment in the source State. Examples of permanent establishment include a branch, factory etc. Profits of a construction, assembly or installation projects will be taxed in the State of source if the project continues in that State for more than six months.
Profits derived by an enterprise from the operation of ships or aircraft in international traffic shall be taxable in the country of residence of the enterprise. Dividends, interest and royalty income will be taxed both in the country of residence and in the country of source. However, the maximum rate of tax to be charged in the country of source will not exceed 5% in the case of dividends and 10% in the case of interest and royalties. Capital gains from the sale of shares will be taxable in the country of source.
The Agreement further incorporates provisions for effective exchange of information and assistance in collection of taxes between tax authorities of the two countries in line with internationally accepted standards including exchange of banking information and incorporates anti-abuse provisions to ensure that the benefits of the Agreement are availed of by the genuine residents of the two countries.
The Agreement will provide tax stability to the residents of India and Colombia and facilitate mutual economic cooperation as well as stimulate the flow of investment, technology and services between India and Colombia.
The Chairman, Central Board of Direct Taxes, Shri Sudhir Chandra and the Ambassador of the Republic of Colombia to India, Mr. Juan Alfredo Pinto Saavedra signing a Double Taxation Avoidance Agreement (DTAA) between India and Colombia.