Consider the following statements about “Totalization Agreement”:
- The agreement envisages the participating countries to reduce their export subsidies to zero by 2022
- India has recently signed the Totalization Agreement with USA
Which of the above statements is/are correct?
First statement is incorrect because the agreement aims to at avoiding double taxation of income with respect to social security taxes. Second statement is incorrect because, at present, the United States has totalization agreements in force with 24 countries: Australia, Austria, Belgium, Canada, Chile, Finland, France, Germany, Greece, Ireland, Italy, Japan, Korea (South), Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. India is not included in it.
This question is a part of GKToday's Integrated IAS General Studies Module