(MENAFN- Saudi Press Agency)
Riyadh, Jumada II 27, March 14, 2018, SPA -- Saudi Arabia and Georgia have signed here today a convention on avoidance of double taxation for income and capital gains between the two countries.
The convention was signed by Minister of Finance Mohammed Al-Jadaan, and the Minister of Finance of Georgia, Mamuka Bakhtadze. The signing ceremony was attended by Governor of the General Authority for Zakat & Tax Suhail Abanmi, Assistant Deputy Minister for International Financial Affairs Mohammed Al-Ghufaili, and the Georgian Ambassador to the Kingdom of Saudi Arabia Giorgi Janjgava.
Al-Jadaan commented: 'This convention provides a strong legal framework that will help improve tax relations between the Kingdom of Saudi Arabia and Georgia. It includes stipulations on the tax treatment of investors operating in both countries, including measures to prevent double taxation on income derived from investment activities, a measure that will reduce tax burden on investors and help prevent tax evasion.'
'The total trade between the Kingdom and Georgia around 51million SR in 2017. The avoidance of double taxation convention will benefit both investors and businessmen by encouraging them to begin joint commercial and investment projects, leading to increased economic co-operation between the two countries,' he added.
The convention is considered the 52nd tax convention signed by the Kingdom with another country.
-- SPA
22:21 LOCAL TIME 19:21 GMT
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