Pakistan, China sign taxation agreement

The third protocol to the Avoidance of Double Taxation Agreement was signed between Pakistan and China on Friday.

The Federal Board of Revenue (FBR) Chairman, Nisar Muhammad, and Commissioner State Administration of Taxation (SAT) China signed the protocol on behalf of their respective countries, reports local media.

The signing ceremony was witnessed by the special advisor to the Prime Minister Nawaz Sharif on Revenue Haroon Akhtar Khan.

Sharing his experiences in China, Akhtar praised Beijing for developing its economy in such a short span of time.

He hoped that mutual cooperation in the area of taxation would be continued by the two tax authorities.

Earlier, the FBR chairman, welcoming the Chinese delegation highlighted the importance of the China-Pakistan Economic Corridor (c) for the people of both sides.

He stressed upon for cooperation in various international commitments like multilateral conventions on mutual administrative assistance in tax matters, base erosion and profit shifting (BEPS) framework and other international initiatives by the tax administrations of both the countries.

Various aspects of Pakistan-China friendship State Administration of Taxation were highlighted by State Administration of Taxation (SAT) Commissioner Wang Jun Commissioner Wang Jun.

He also appreciated the efforts of the FBR and SAT to arrive at an agreement on the third protocol to the Avoidance of Double Taxation Agreement.