India, S Korea discuss possibility of revising Double Taxation Avoidance Convention

India and South Korea discussed the possibility of revising Double Taxation Avoidance Convention (DTAC) at a high level meeting between Finance Minister P Chidambaram and his counterpart Jaewan Bahk.

At the meeting, which took place yesterday in the South Korean capital of Seoul, the two finance ministers discussed expanding information sharing between the taxation authorities and cooperation in modernising the customs system of both nations.

They also discussed public procurement cooperation and measures to develop co-financing infrastructure projects, an official statement said.

The bilateral meeting between the Finance Ministers is expected to further strengthen this relationship, increase mutual cooperation, and lead to increased investment opportunities in the two countries, it said.

Minister of Strategy and Finance of South Korea Jaewan Bahk also talked about macro-economic trends and outlook, with Mr Chidambaram during the third bilateral meeting.

The first bilateral meeting of Finance Ministers of India and South Korea was held in Seoul in September 2006 and the second meeting in New Delhi in January 2011.

“India-Korea relations rest on deep historical ties based on a strong foundation of shared cultural heritage, commitment to democracy and desire to establish a long-term cooperative partnership,” the statement said.

The cooperation between the two countries covers all areas of bilateral relations, including political, economic and commercial, defence, information technology, science and technology and cultural exchange, it added.