INDIAN Finance Minister Pranab Mukherjee today said that there is a
need for transparent arrangement with a legal framework for exchange of
information between India and Philippines relating to banking and tax related
matters. Mr
Mukherjee raised this issue during his bilateral meeting with his Philippines’
counterpart Cesar V. Purisima when the latter called on him, here today.
Negotiations are already on for revising the Convention between the two
countries for the Avoidance of Double Taxation and the Prevention of Fiscal
Evasion with respect to Taxes and Income. Mr Mukherjee hoped that the DTAA may
be signed in January next year.
Mr Mukherjee also expressed his
satisfaction at the issuance of notification by both countries operationalising
the India-ASEAN FTA on Trade in Goods w.e.f. 1st June, 2011. Mr Mukherjee stated
that there is a steady growth of bilateral trade which has increased from US$
443.63 million in 2003-04 to US$ 1061.84 million in 2009-10. He said that
bilateral trade will certainly increase even further with the scaling down of
tariff lines by both the countries under the India ASEAN FTA on Trade in Goods.
Mr Mukherjee said that the Indian side would be happy to further
strengthen the banking links between the two countries. He said that the State
Bank of India has already proposed for opening a branch in Manila. He said that
India would welcome a conducive environment for stronger banking links between
the two countries.
Philippines’ Finance Secretary Purisima said that he
would take up the matter with concerned Department back home in order to
expedite the finalization of DTAA between the two countries. He also said that
role of ADB now needs to be revisited in the light of changes in the status of
different member countries over the years.
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