In some cases, DTAs are known to grant tax benefits. Remember that the list of DBAA countries will be constantly evolving due to agreements that are often changed. We advise you to check with your bank about all other details. India has a double taxation agreement (DBAA) with 88 countries, but 85 are currently in force. The DBA Convention was signed in order to avoid double taxation of the same asset declared in two different countries. The agreement will further boost the flow of capital, technology and personnel between the two countries. It will also contribute to fiscal stability and reduce obstacles to mutual cooperation. Double taxation is avoided when one country taxes paid by its inhabitants are taxed in the other country. The DBA provides for the taxation of dividends, interest, royalties and royalties for technical services, both in the country of residence and in the country of origin.

On 24 January 2008, the Indian Cabinet approved the first Convention and Protocol between India and Mexico on income tax, signed on 10 September 2007. The contract was concluded in Hindi, Spanish and English, each text having the same authenticity. However, in the event of a deviation, priority is given to the English text. The Treaty generally follows the United Nations Model Convention (2001). Mexico has double taxation agreements (DBAs) with the following countries: Please note that the list of countries with which we have a DBAA constantly changes depending on government policy, which changes from time to time. Therefore, you should check the new list each time to see if any changes have been made or affected. We advise you to take a look at the list regularly. In fact, India is reviewing its DBAA agreements with many countries, which could soon be amended. A resident natural person may receive income from another country taxable in that country. The person may tax foreign income tax paid on Mexican income tax debt. However, the credit is limited to the lower amount of (i) the amount of foreign tax paid in respect of foreign income taxable in Mexico and (ii) the amount of Mexican tax corresponding to that income. In addition, no credit is allowed for foreign taxes on income exempt from Mexican taxation.

Mexico has tabled agreements with Canada and Spain on social security. An agreement has been signed with the United States, but it has not yet completed the entire approval process….