India and Oman Amend Tax Treaty for Economic Boost

India and Oman have amended the Double Taxation Avoidance Agreement to align with international tax standards, promoting cross-border taxation cooperation. This was finalized during Commerce Minister Piyush Goyal’s visit to Muscat, furthering bilateral economic ties, and expediting negotiations for a Comprehensive Economic Partnership Agreement.

In a significant move to bolster economic relations, India and Oman have revised the Double Taxation Avoidance Agreement (DTAA) to comply with international tax standards, a statement revealed on Tuesday.

Commerce and Industry Minister Piyush Goyal signed the amendment during his visit to Muscat, aiming to simplify tax procedures and enhance cooperation in tax matters. This amendment seeks to modernize the treaty originally signed in 1997.

Additionally, discussions to finalize a free trade agreement and a Comprehensive Economic Partnership Agreement (CEPA) are being expedited, seeking to enhance bilateral trade, which saw a decline to USD 8.94 billion in 2023-24.

(With inputs from agencies.)