Daily Times

ISLAMABAD: Pakistan and China on Friday signed the Third Protocol to the Avoidance of Double Taxation Agreement between the two countries.

The protocol was signed by the Federal Board of Revenue (FBR) Chairman

Nisar Muhammad and China’s Commissioner State Administration of Taxation (SAT) Wang Jun on behalf of their respective countries. Special Advisor to the Prime Minister on Revenue, Haroon Akhtar Khan, witnessed the signing ceremony.

In his remarks, Haroon Akhtar shared his experiences in China and appreciated the way China has developed in such a short span of time. He welcomed the Chinese delegation to the FBR and expressed the hope that the two tax authorities would continue mutual cooperation in the area of taxation.

Earlier, in his opening remarks, the FBR chairman welcomed the Chinese delegation to the FBR and underscored the significance of the China Pakistan Economic Corridor (CPEC) for the people of both the countries.

He emphasised that the tax administrations of both the countries should cooperate in various international commitments like multilateral convention on mutual administrative assistance in tax matters, base erosion and profit shifting (BEPS) framework and other international and OECD initiatives.

China’s Commissioner State Administration of Taxation (SAT) highlighted various aspects of Pakistan-China friendship and appreciated the efforts of the FBR and SAT to arrive at agreement on the Third Protocol to the Avoidance of Double Taxation Agreement. He was also of the view that the FBR and SAT must open new vista for mutual cooperation in various areas, including capacity building of the human resource.