Daily The Business

Avoidance of Double Taxation and the Prevention ofFiscal Evasion with respect to taxes on income

Our Special Correspondent

LAHORE: Pakistan and Bulgaria on Tuesday May 21, 2019 signed the
Convention for the Avoidance of Double Taxation and the Prevention of
Fiscal Evasion with respect to taxes on income. The agreement was
signed at the sideline of the Second Session of Pakistan–Bulgaria
Inter-Governmental Commission (IGC) which concluded on Tuesday.

The Convention was signed by Dr. Muhammad Ashfaq Ahmed, Director
General International Taxes, FBR, and Ms. Liliya Ivanova, Deputy
Minister of Economy, Republic of Bulgaria on behalf of their
respective governments.

The Convention will not only provide safeguards against double
taxation on the income of the residents of both the contracting states
but will also promote economic cooperation, bilateral investment and
will further enhance the existing bilateral economic relations between
the two states. The Convention will provide adequate certainty in
respect of taxation rules applicable to cross-border business
transactions, dividends, interests, royalties and fees for technical
services etc.

The Convention shall enter into force after the completion of the
procedures required under the domestic laws of both the contracting
states and shall enter into force on the date of the later of these
notification.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More

Privacy & Cookies Policy