ISLAMABAD: (Web Desk) 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 Federal Board of Revenue (FBR) Chairman Nisar Muhammad and Commissioner State Administration of Taxation (SAT) China, 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, Akhtar shared his experiences in China and appreciated the way the Asian giant has developed its economy in such a short span of time.
He welcomed the Chinese delegation to the FBR and expressed hope that the two tax authorities will continue their 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 for the people of both the countries.
He emphasised that the tax administrations of both countries should cooperate 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.
State Administration of Taxation (SAT) Commissioner Wang Jun said that China highlighted various aspects of Pakistan-China friendship and appreciated the efforts of the FBR and SAT to arrive at an agreement on the third protocol to the Avoidance of Double Taxation Agreement.