960402

CBR, Azeri

teams discuss

avoidance of

dual taxation

ISLAMABAD: The first round of talks between the delegations of Pakistan and Azerbaijan held here on Tuesday, to discuss avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income between the two states.

Member, (Income Tax) Central Board of Revenue (CBR), Iqbal Farid led the Pakistani delegation which included, Salman Nabi, Chief, (Direct Tax Organisation), Saleem Mahmood Saleem, Secretary (International Taxes) and Hasnain Shah, Second Secretary (International Taxes), CBR.

The Azerbaijan delegation was led by Israel Sabir Oblu Ahmadoy, Head of International Economic Relations Department, Ministry of Foreign Affairs.

The two delegations observed that this agreement will provide the ground rules for taxation of income on cross-border business transactions, dividends, interests, royalties and income of visiting consultants.

They also expressed the view that it will mitigate the effects of double taxation in case where the same income is subjected to tax in both states.

The delegates from both sides also noted that this agreement would facilitate economic cooperation between the two countries and would further strengthen the existing brotherly relations.

According to the CBR sources, the negotiations were held in a very cordial atmosphere and are expected to continue up to April 4.

At the end of these negotiations, the agreed draft convention will be initialled which will become operative after completion of legal formalities and approval of competent authority.

The delegation of Azerbaijan also called on Chairman, CBR Alvi Abdul Rahim. The Chairman, CBR, welcomed the delegation and expressed the hope that their visit would be fruitful in expanding trade and bilateral relations.-APP