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Finance 13/04/2012 Delegation of Indian Finance Ministry visits Uzbekistan
Delegation of Indian Finance Ministry visits Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) -- A delegation of Central Body on direct taxes of the Ministry of Finance of India arrived in Uzbekistan with a business visit, the State Tax Committee of Uzbekistan said.

The delegation was led by chairperson of Central Body on direct taxes of the Ministry of Finance of India Lakshman Das.

On 11 April 2012, the delegation paid a visit to the State Tax Committee of Uzbekistan. The sides discussed relations between Uzbekistan and India.

In particular, it was noted that legislative base for cooperation between two states were created, which includes over 100 inter-governmental, interstate and inter-departmental documents, covering all shares of mutual beneficial partnership.

Trade turnover between two states increased by 20.5% in 2010 to US$150.5 million, while the figure reached US$160 million.

Currently, 18 Indian companies received accreditation in Uzbekistan, while there are 62 companies with Indian capital in the country.

The guests received information on economic development of Uzbekistan and its achievements in recent years, creating favourable investment climate, preferences for foreign investors.

Indian sides noted that well-thought and flexible tax regime, abolishment of double taxation and others served as guarantee for long-term investments into economy of Uzbekistan.

The sides considered method on improving tax information exchange, cooperation with specialized bodies of two states on taxation harmonization and tax administration.

After the talks, the sides signed a protocol on introduction of changes to agreement between the Government of Uzbekistan and the Government of India on avoiding double taxation and preventing evasion from payment of taxes to income and capital, which was signed on 29 July 1993.

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