Andhra Pradesh: Call for avoiding double taxation on offshore income
Visakhapatnam: There is a need for an early amendment of the regulation pertaining to `Double Taxation Avoidance Agreement’ to stop the taxation on offshore income of Indian firms providing technical support, according to AP Industries minister Gudivada Amarnath. Addressing a meeting on `Collaboration between the Andhra Pradesh government and Western Australia government here on Saturday, […]
Visakhapatnam: There is a need for an early amendment of the regulation pertaining to `Double Taxation Avoidance Agreement’ to stop the taxation on offshore income of Indian firms providing technical support, according to AP Industries minister Gudivada Amarnath. Addressing a meeting on `Collaboration between the Andhra Pradesh government and Western Australia government here on Saturday, he noted that the Australia’s India Economic Strategy Report showed that no singlemarket over the next 20 years would offer more growth opportunities for Australia than India. Andhra Pradesh was ranked no.1 in Ease of Doing Business’ in India which is a testimony for the AP’s vision towards encouraging businesses in both domestic and international markets.
With infrastructure-led industrialization, it is the only state to develop 3 national Industrial Corridors — VCIC (Visakhapatnam – Chennai Industrial corridor) with an extent of 22,039 acres has potential to increase GDP by 6 times (from Rs.2 Lakhs crore in 2015 to Rs.11.6 lakh crore by 2035), expand manufacturing output by 7 times from Rs.1.1 lakh crore in 2015 to Rs. 7.8 lakh crore by 2035, and create 1.1 crore additional incremental employment 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 harbors and four (fishlanding jetties, with an outlay of Rs.3000 crore and fish landing centers to create employment potential of about 85,000 and would be operational by 2023, the state is set for huge growth, he stated.
Electric Vehicles
On the industrial front, at present there are 52 projects under implementation with total investment of Rs.35,592.91 crore with a potential to create employment for 76,656 people and 5 public sector units with an investment of Rs.1,07,400 crore and with an employment potential for 79,700 people, the minister stated. “I want our both the Governments to work for extensive engagement in activities relating to mineral mining (especially Lithium, which is used in Electric vehicles), for having easier tieups Lithium producing companies like Rio Tinto, Pilbara etc, with extending technical cooperation and expertise sharing and working towards a smooth supply chain,” he said.
Amarnath also stated that AP had a robust policy related to EVs – Electric Vehicles Policy-2022 and the government was keen on supply agreements with Australian companies which are into production of Lithium metal. “Our State is already home to MNC automobile companies like ISUZU, KIA etc and we are in advanced discussions with some more companies, to set up their EV’s manufacturing base in our state. Our state is ready to offer customized incentives to Lithium metal suppliers and also ensure single window scheme for all regulatory works.”
Andhra Pradesh, an economy with a gross output of USD 160 billion in 2021-22, had undertaken several path-breaking reforms and initiatives that have ensured competitiveness, economic stability, enhanced transparency, expanded digitization, and fostered innovation towards industrial development, he said.
Deputy Premier of Western Australia Roger Hugh cook, Minister for Culture and Arts, and International Education of WA David Alan Templeman, AP Minister for Finance Buggana Rajendranath Reddy and others attended the meeting.
