Pakistan and Hong Kong would start negotiations on the draft of the convention for avoidance of double taxation to promote trade and business activities between the two countries. Sources told Business Recorder on Monday that a two-member delegation of tax officials would visit Hong Kong, Special Administrative Region (SAR) from September 24-28.
The first round of talks would be held in Hong Kong to chalk out the initial draft of the agreement with the consent of tax departments of both the countries. The convention would encourage foreign investment and ensure smooth business transactions under the bilateral treaty. The idea is to give incentives to the multinational companies based in Hong Kong on making investment in Pakistan, sources said.
Through the convention, tax incentives shall play a vital role in flow of investment towards Pakistan and generate a lot of commercial activities in Pakistan, casting a positive effect on its economy.
Besides, the convention will not only provide safeguard against double taxation on the income of the residents of both the countries, but also promote economic cooperation and would further strengthen the existing bilateral economic and trade relations between the two countries. Sources expressed the hope that the convention between the two countries shall augment the already existing trade and economic relations between the two countries and open new avenues to the best interests of business communities of the Contracting States.
Comments
Comments are closed.