India on Tuesday inked a protocol and double taxation avoidance agreement (DTAA) with Lithuania to prevent fiscal evasion with respect to taxes on income and capital and facilitate exchange of banking information between the two countries.
According to a Finance Ministry statement here, the DTAA with Lithuania — the first such with a Baltic nation — provides that business profits will be taxable in the source country if the activities of an enterprise constitute a permanent establishment (PE) there.
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