« Top Headlines » Open DEMAT Account in 24 hrs  Tax planning for 2025: How to maximise your savings before March 31 deadline  New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha  5 major changes in the last 6 months every taxpayer should know!  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025 «  FM to study exporter demands on cheaper credit, DEPB... Tax to be paid if CGs sold after taking cenvat credit... » Review of India-Canada Tax Treaty sought November, 16th 2007 The India-Canada Tax Treaty needs to be re-evaluated and modernised so as to boost trade and investment between the two countries, according to an eminent tax expert. "There is an urgent need to reduce or eliminate withholding taxes on interest on debt; equal and fair treatment for foreign investors similar to domestic companies; and a mandatory binding arbitration provision which will apply in cases where the competent authorities have not resolved certain issues within an agreed period," Prof Vern Krishna, an eminent tax expert, has revealed in his book titled 'Canada India Tax Treaty.' When the treaty was negotiated several decades back, and even renegotiated in 1996, he said there was a minimum trade between the two countries, and India was a developing country. "But the situation has now changed. There is not only increase in trade and investment, but India itself is changing, and is emerging as a developed country, and in a very short time it would be a developed country," Prof Krishna said. He said: "The economic emergence of India holds importance for Canada and its business community. Since India commenced its significant reform process in 1991, the country has moved from a closed economic approach to one which is increasing open and engaged." Yet, there were a number of trade and investment barriers that must be resolved by mutual understanding and cooperation on a priority basis, Prof Krishna who teaches law at the University of Ottawa opined.