Saudi Arabia asks India to ease tax norms

Saudi Arabia asks India to ease tax norms

Capital gains tax is a major hurdle in promoting Saudi investments in India, Saudi Arabia’s Minister of Commerce and Industry Tawfiq Fawzan Al Rabiah said here on Thursday.

“The issue of taxation of capital gains continues to be a major impediment in promoting Saudi investment in India, and I call on the Indian authorities to explore relaxation of this issue.

“I would also like to emphasise the importance of the activation of the Saudi Indian Joint Fund,” he said at the India-Saudi Arabia Business Forum at Ficci..

The proposed $750-million joint fund is likely to focus on development of infrastructure and promote joint exploration and production of hydrocarbons.

Ficci President Sidharth Birla said the two countries need to explore fresh frontiers of cooperation to diversify the trade basket.

The two countries inked four MoUs (memorandum of understanding) at the Business Forum to strengthen bilateral trade.

Saudi Arabia is India’s fourth largest trade partner. The bilateral trade between the two countries stood at $43.19 billion in 2012-13.

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