Switzerland To Enter Double Taxation Agreement With Angola

2024-06-14 02:36:10

(MENAFN- Swissinfo) Switzerland is to conclude a double taxation agreement with Angola. The Federal Council approved the agreement on Friday and submitted it to Parliament. The agreement creates legal certainty in bilateral economic relations and tax cooperation.

This content was published on June 14, 2024 - 15:08 2 minutes Keystone-SDA

The agreement will enable Switzerland to expand its network of double taxation agreements in southern Africa, the government announced. The agreement largely corresponds to the model agreement of the Organization for Economic Cooperation and Development (OECD).

In the agreement, double taxation of private individuals and companies will be avoided. The agreement also takes into account the OECD project against base erosion and profit shifting.

+ Read more: Swiss say goodbye to banking secrecy

An abuse clause is intended to prevent either Swiss or Angolan residents from benefiting from the advantages. In addition, administrative assistance is regulated in accordance with the international standard for the exchange of information on request.

The parliaments of both countries must approve the agreement before it can enter into force. According to the Federal Council, the cantons and interested business parties welcomed the conclusion of the agreement.

Adapted from German by DeepL/kc/ac

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