India Tax Convention: Hearing Before the Committee on Foreign Relations, United States Senate, Eighty-sixth Congress, Second Session, on Ex. H, 86th Congress, 2d Session. June 28, 1960Considers ratification of tax treaty with India to eliminate double taxation and existing tax barriers for U.S.-Indian businesses. |
Other editions - View all
Common terms and phrases
86th Congress agreement with India aircraft American business American firm amount apply avoidance of double business in India CHAIRMAN Committee on Foreign concept of permanent convention with India credit for tax deduction DILLON dividends double taxation DOUGLAS DILLON earnings effect expropriation foreign country Foreign Relations foreign tax credit GLASMANN Government of India Honduras important Income Tax Act income tax convention Indian corporation Indian Government Indian Income Tax Indian law Internal Revenue Code investment climate investment guaranty investment in India laws of India less developed countries ment negotiated nonresident operating percent permanent establishment provision private investment profits ratification reduced Senator AIKEN Senator GREEN Senator HICKENLOOPER Senator LAUSCHE Senator WILLIAMS SHAPIRO statement subject to tax tax exemption tax incentive laws tax incentive measure tax laws tax rates tax sparing tax treaty program tax-sparing provision taxable taxes imposed taxes on income tion Treasury Department treaty with India U.S. law U.S. tax United
Popular passages
Page 41 - Profits derived by an enterprise of one of the contracting states from the operation of ships or aircraft, shall be exempt from tax by the other state." The discrimination in the Indian Tax Treaty arises in article V:
Page 7 - a treaty. First, there should be a willingness on the part of the other government to eliminate unnecessary and inequitable tax barriers to the flow of private investment in accordance with sound rules of taxation, such as are generally embodied in our
Page 1 - at 10:15 am, in room F-53, US Capitol Building, Senator JW Fulbright (chairman) presiding. Present: Senators Fulbright, Green, Sparkman, Humphrey, Gore, Lausche, Hickenlooper, Aiken, and Williams. The
Page 13 - sir. STATEMENT OF JAY W. GLASMANN, ASSISTANT TO THE SECRETARY OF THE TREASURY I am very glad to present to your committee the views of the Treasury Department in support of the income tax convention between the United States
Page 7 - tax barriers to the flow of private investment in accordance with sound rules of taxation, such as are generally embodied in our income tax convention. The permanent establishment provision, for example, in the Indian treaty is one that is designed to accomplish this. Mr. GLASMANN. We have certain guidelines, those which I am
Page 3 - in such a way that movements of trade and investment are facilitated and conflicts of tax policy are greatly reduced or even eliminated. We now have tax treaties with 21 countries which place our economic relations with these countries under a clear and consistent tax regime. TAX-SPARING PROVISION
Page 1 - India for the avoidance of double taxation with respect to taxes on income, signed at Washington on November
Page 33 - However, it is also the understanding of the Government of India that, in agreeing to article XII, the United States Government undertakes not to adopt measures which would vitiate the basic principle of that article that credit shall be allowed against United States tax for tax imposed by India on income from sources in India.
Page 10 - Mr. GLASMANN. Senator Lausche, I am not entirely sure that there is any real justification for the distinction. Most of the business is conducted through corporations, particularly the foreign business, and the treaty is intended to foster such investment. It may well be that at an appropriate time it could be extended to individuals.
Page 21 - pensions as the wages received. As a result of it, Indian nationals employed by the American Embassy in New Delhi, for example, will be exempt from US tax on the pensions paid to them after their retirement, just as they are now exempt from US tax on the wages earned by them. ARTICLE VIII BUSINESS VISITORS