Call to avoid double taxation on offshore income

Posted: Date Posted – 8:48 PM, Sat – Jul 16, 22

Visakhapatnam: AP Industries Minister Gudivada Amarnath says there is a need to amend the ‘double taxation avoidance agreement’ regulations as soon as possible to end the taxation of offshore income of Indian companies supplying technical support. Addressing a meeting on ‘collaboration between the Government of Andhra Pradesh and the Government of Western Australia here on Saturday, he noted that the report on India’s economic strategy in Australia showed no market unique over the next 20 years would offer no more growth opportunities for Australia than India.Andhra Pradesh has been ranked #1 in ease of doing business in India, a testament to the vision of the PA aimed at encouraging enterprises in national and international markets.

With infrastructure-driven industrialization, it is the only state to develop 3 national industrial corridors – VCIC (Visakhapatnam – Chennai Industrial Corridor) with an area of ​​22,039 acres has the potential to increase GDP by 6 times (from Rs.2 Lakh crore in 2015 to Rs.11.6 lakh crore by 2035), increase manufacturing output 7 times from Rs.1.1 lakh crore in 2015 to Rs. 7.8 lakh crore by 2035 and create 1, 1 crore more additional jobs from 29 lakhs in 2015 to 140 lakhs by 2045, he said.

The CBIC (Chennai – Bengaluru Industrial Corridor), HBIC (Hyderabad – Bengaluru Industrial Corridor), six ports and 6 operational airports including 3 international airports, development of nine fishing ports and four (fishing jetties, with an expenditure of Rs.3000 crore and fish landing centers to create an employment potential of around 85,000 and would be operational by 2023, the state is poised for huge growth, he said.
Electric vehicles

On the industrial front, there are currently 52 projects being implemented with a total investment of Rs.35,592.91 crore with potential to create jobs for 76,656 people and 5 public sector units with an investment of Rs.1 ,07,400 crore and with employment potential for 79,700 people, the minister said. “I want our two governments to work for expanded engagement in mining-related activities (especially lithium, which is used in electric vehicles), to have easier ties with lithium-producing companies like Rio Tinto, Pilbara, etc. with extensive technical cooperation and expertise to share and work for a smooth supply chain,” he said.

Amarnath also said AP has a strong Electric Vehicles Policy-2022 and the government is keen on supply deals with Australian companies that produce lithium metal. “Our state is already home to multinational automobile companies like ISUZU, KIA, etc. and we are in advanced discussions with other companies to locate their electric vehicle manufacturing base in our state. Our state is ready to offer personalized incentives to lithium metal suppliers and also to ensure a one-stop-shop system for all regulatory work.

Andhra Pradesh, an economy with a gross output of $160 billion in 2021-22, has undertaken several innovative reforms and initiatives that have ensured competitiveness, economic stability, increased transparency, expanded digitalization and encouraged innovation towards industrial development, he said. .
Western Australian Deputy Premier Roger Hugh Cook, WA Minister for Culture and Arts and International Education David Alan Templeman, AP Finance Minister Buggana Rajendranath Reddy and others attended the meeting.