Argentina, India Sign TIEA & Customs Agreement.

Two new agreements providing for the exchange of tax and customs information between Argentina and India have been signed, reflecting increased cooperation between the two countries in the areas of trade and investment.

The Customs Agreement was signed by the the Head of the Federal Administration of Public Revenues (AFIP), Ricardo Echegaray, on behalf of Argentina, and by India's Shri S. Dutt Majumder, Chairman of the Central Board of Excise and Customs of India. It is designed to allow the exchange of information on the value of goods traded between both countries, with a view to determining the correct level of tax due on such trade. There are currently around 1,000 Indian taxpayers registered with the AFIP.

According to the AFIP, Argentina exported goods to India worth over USD195m in the first quarter of 2011, importing USD164.1m.

Commenting on the deals in New Delhi, Echegaray said that: "These instruments will become a platform for a secure and transparent international trade and are very timely now that the bilateral trade is growing - last year the Argentine exports to India increased 103% and the imports from India to Argentina grew 46%”.

"These agreements will also allow [us] to check if the export prices declared by Argentine companies bear a relation with the values of the goods when they arrive in India," he added.

Source : tax-news.com