<p>New Delhi: India and Oman have agreed to amend the DTAA to align it with international standards on cross-border taxation, simplifying procedures, and promoting greater cooperation in tax matters, an official statement said on Tuesday.</p>.<p>A protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA) was signed during the visit of Commerce and Industry Minister Piyush Goyal to Muscat.</p>.<p>The treaty was implemented in 1997.</p>.Jaishankar says India sees Middle East region as 'crucial passage to world beyond'.<p>"Both sides signed the protocol to amend the India-Oman DTAA, aligning it with international standards on cross-border taxation, simplifying tax procedures, and promoting greater cooperation in tax matters," the commerce and industry ministry said.</p>.<p>The two countries have also agreed to expedite the discussions for an early signing of the proposed free trade agreement, which is under negotiations.</p>.<p>Goyal was in Muscat for the India-Oman Joint Commission Meeting (JCM) with Oman's Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al Yousef.</p>.<p>"The two ministers exchanged views on a bilateral India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is under advanced stages of negotiations," it said.</p>.<p>The pact is aimed at boosting two-way trade and investments.</p>.<p>The negotiations for the agreement, officially dubbed as Comprehensive Economic Partnership Agreement, formally began in November 2023.</p>.<p>In such agreements, two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments.</p>.<p>Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries for India. India already has a similar agreement with another GCC member UAE which came into effect in May 2022.</p>.<p>The bilateral trade has declined to $8.94 billion (exports $4.42 billion and imports $4.5 billion) in 2023-24 from $12.39 billion (exports $4.47 billion and imports $7.91 billion) in 2022-23.</p>
<p>New Delhi: India and Oman have agreed to amend the DTAA to align it with international standards on cross-border taxation, simplifying procedures, and promoting greater cooperation in tax matters, an official statement said on Tuesday.</p>.<p>A protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA) was signed during the visit of Commerce and Industry Minister Piyush Goyal to Muscat.</p>.<p>The treaty was implemented in 1997.</p>.Jaishankar says India sees Middle East region as 'crucial passage to world beyond'.<p>"Both sides signed the protocol to amend the India-Oman DTAA, aligning it with international standards on cross-border taxation, simplifying tax procedures, and promoting greater cooperation in tax matters," the commerce and industry ministry said.</p>.<p>The two countries have also agreed to expedite the discussions for an early signing of the proposed free trade agreement, which is under negotiations.</p>.<p>Goyal was in Muscat for the India-Oman Joint Commission Meeting (JCM) with Oman's Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al Yousef.</p>.<p>"The two ministers exchanged views on a bilateral India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is under advanced stages of negotiations," it said.</p>.<p>The pact is aimed at boosting two-way trade and investments.</p>.<p>The negotiations for the agreement, officially dubbed as Comprehensive Economic Partnership Agreement, formally began in November 2023.</p>.<p>In such agreements, two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments.</p>.<p>Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries for India. India already has a similar agreement with another GCC member UAE which came into effect in May 2022.</p>.<p>The bilateral trade has declined to $8.94 billion (exports $4.42 billion and imports $4.5 billion) in 2023-24 from $12.39 billion (exports $4.47 billion and imports $7.91 billion) in 2022-23.</p>