(MENAFN- Khaama Press)
Representative Image. Pakistan and Afghanistan on Friday signed an agreement to eliminate the double taxation policy for further enhancing the bilateral and economic ties between the two countries.
Afghanistan and Pakistan on Friday signed an agreement to end their double taxation policy to strengthen their already robust political and economic ties.
Delegates from Afghanistan and Pakistan convened at Islamabad's Federal Board of Revenue (FBR) on February 1-3, 2023, for the third round of negotiations on the convention to avoid double taxation between Afghanistan and Pakistan.
Nida Mohammad Siddiqi, the Director of Revenue Legal Services, led the Afghan delegation, while Sajidullah Siddiqi, FBR Director General of International Tax Operations, headed the Pakistani delegation.
After the third round of negotiations and exchange of views, the countries' delegations agreed on a consensus to avoid the double taxation policy.
The term“double Taxation” is a tax principle referring to income taxes paid twice on the exact source of income at two different points in time.
Since August 2021, economic ties between Afghanistan and Pakistan have shown promising signs of expansion, with Pakistan serving as the primary destination for 65% of Afghanistan's exports, World Bank Report, 2023.
The agreement will pave the way for further strengthening economic ties between the two neighbouring countries, said Asim Ahmed, FBR Chairman.
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