FinMin for renewing double tax treaties

To facilitate Indian companies' expansion abroad, India is renewing and renegotiating Double Taxation Avoidance Agreements (DTAAs) with other countries, said a senior Finance Ministry official today.

"We are working very hard on a model tax treaty as we have realised that today India not only imports capital but also exports. So, the very nature of DTAA has to change to harmonise it with the rest of the world," said Parthsarathi Shome, advisor to the finance minister.