Colombia, India agree to avoid double taxation

BOGOTA, May 14 (Xinhua): Colombia and India have signed an agreement to avoid double taxation and strengthen bilateral trade and economic ties, Colombian President Juan Manuel Santos said Friday. The agreement, a long-awaited document for the Indian business community expecting to invest in Colombia, aims to prevent investors from both nations from paying taxes twice, Santos said at a public event in the country's southwestern city of Buenaventura. Mr Santos said both his country's trade with and incoming investment from India have seen a dramatic increase, adding that Colombia should give more importance to the Pacific region, where all these economic expansions are taking place. Colombian Foreign Trade Minister Sergio Diaz-Granados said the agreement would both stimulate and protect bilateral investment by establishing a fair and transparent legal framework. Diaz-Granados said it would also allow shareholders to have tax-exempt income and prevent tax avoidance and evasion.