28-November-2022
Taxation
 
DTAA amendment by Australia likely to come into force from April 1
24-Nov-2022

The double tax avoidance agreement (DTAA) ratified by Australian Parliament, along with its trade deal with India, may come into force on April 1 next year, the finance ministry informed the commerce ministry on Wednesday. The DTAA is expected to eventually lead up to $1 billion in savings for Indian information technology (IT) companies operating in Australia, from the present-day $200 million. “The Australian government has communicated to us that the DTAA will likely come into effect on April 1, 2023. Our finance ministry has also agreed to it since our fiscal year begins from that date,” said a government official.

News Source:- https://www.business-standard.com/article/international/dtaa-amendment-by-australia-likely-to-come-into-force-from-1-april-122112300956_1.html