ISLAMABAD (February 28 2003) : Pakistan had decided to ink fresh conventions with six countries for the Avoidance of Double Taxation in the coming months, official sources told Business Recorder here on Thursday.
The Central Board of Revenue (CBR) would initiate fresh negotiations with Algeria, Cyprus, Yemen, Saudi Arabia, Tajikistan and Kyrghistan to decide the modalities.
Presently, Pakistan has signed comprehensive agreements with forty-four countries and specific conventions with seven countries including India.
However, these specific agreements encompass particular issues like air transport etc.
The existing agreements with the Japan and Czek Republic would be revised to strengthen bilateral economic relations and promotion of investment.
The convention on Avoidance of Double Taxation with Austria has been revised and would be enforced after approval from the Austrian Cabinet.
The agreement with South Africa would be enforced after successful resolving the procedural problems by the tax authorities of both the countries.
The CBR is waiting for final notification from Nepal to implement the approved agenda on the above-mentioned convention.
The authorities have already completed initial talks on avoidance of double taxation with Vietnam and Lebanon.
Pakistan has also started communicating with Russia and Ukraine for signing of such agreement.
The conventions with the Russia and Ukraine would zoom-in on the reciprocal investment and exploration of new markets and avenues for trade.
Pakistan and Jordan, on February 6, 2003 inked a Convention for the Avoidance of Double Taxation between the two countries.
The convention with Switzerland would be enforced after mutual consent of both the countries.
Similarly, the convention for the Avoidance of Double Taxation with Iran has also been finalised. The signing ceremony would take place in future.