Pakistan is expected to sign convention for avoidance of double taxation and fiscal evasion with Morocco besides, initiating negotiations with Croatia for a similar agreement, official sources told Business Recorder.
The Central Board of Revenue (CBR), which technically and professionally finalised such agreement with other countries, has sought the approval of federal cabinet to proceed further in this regard, the sources added.
Sources said the CBR was of the view that the agreement with Morocco would not only provide safeguard against double taxation on the income of the residents of both countries, but would also promote economic co-operation and further strengthening the existing bilateral economic relations between the two countries.
The convention would also provide adequate certainty in respect of taxation rules applicable to cross-border business transactions, dividends, interests, royalties, etc.
Regarding Croatia with which the CBR intends to start negotiations, a summary on the similar format has been submitted to the federal cabinet, to be considered on Wednesday (today).
What is additional in the summary is that ambassador of Croatia to Pakistan (based in Tehran) recently visited Islamabad for presentation of credentials to the President wherein it was agreed to expedite signing of an agreement for avoidance of double taxation and fiscal evasion.
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