Agreement to eliminate double taxation between India and Colombia
On the morning of May 13, 2011 took place in one of the palaces of New Delhi’s presidential compound where is located the Ministry of Finance of India, the ceremony of signing the Agreement for the elimination of double taxation between India and Colombia.
The negotiation process began in 2009 with a round of negotiations held in the Indian capital. However, upon the last change of government in India, the Ministry of Finance of the Asian nation decided to suspend negotiations with the prospect of fiscal reform. This is how the process had to wait months to recover its dynamics and concluded only after an intensive round of discussions at the Bogota mid-2010.
The new administration of President Santos placed special emphasis on the improvementof the texts and their suitability for the signing of the Treaty will now pass the examinationsof the cabinet in the case of India and the Congress of the Republic and the Constitutional Court in case of Colombia.
This agreement completes the construction of Colombia regulatory framework designed to promote investment from India, by having the Bilateral Agreement for the Promotion and Protection of Investments signed in 2009. It is calculated by the Embassy in New Delhi that ten new Indian companies arriving in the country over the next 18 months and will benefit the future of the conditions and facilities that treaties have created for their settlement in Colombia.
Source: Embassy of Colombia in Delhi.