Pakistan and Saudi Arab tax experts here on Monday completed discussion on 19 articles pertaining to convention on Avoidance of Double Taxation, out of 25, during a daylong meeting held in the Central Board of Revenue (CBR).
The head of Pakistan's team, CBR Member Direct Taxes Vakil Ahmed Khan, said that the negotiations were expected to be finalised on April 28, and initial agreement would be signed between the two countries.
Out of 25 articles, 11 articles were previously discussed in Saudi Arabia. The discussion started from the 12th article of the convention, which continued till finalisation of 19th article. The remaining six articles of the convention would be discussed in coming two days.
Vakil said that the convention on Avoidance of Double Taxation between Pakistan and Saudi Arabia would help Pakistani businessmen working in Saudi Arabia.
The agreement will particularly be beneficial for the businessmen, professionals and contractors.
Saudi delegation, headed by Fahad Bin Abdul Rehman Al Rajeh, Director General, Internal Economic Relations, Ministry of Finance, Saudi Arabia, stressed the need of growing economic relations between the two countries.
Other members of the Saudi delegation are Dr Ibrahim Bin Abdul Rehman Al Barak, Legal Advisor, Fahad Bin Abdul Aziz Al Kharashi, Tax Advisor; Hamad Bin Sulaiman Ennajashi and Zahir Al-Onazi, First Secretary, Saudi Embassy, Islamabad.
The delegates formally started talks on cross-border transactions and safeguard to the investment.
Member Direct Taxes said that Maldives has requested for convention on avoidance of double taxation. Therefore, the CBR has moved a summary to the Cabinet for approval to initiate negotiations with Maldives tax officials.
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