Pakistan, Sudan to finalise economic cooperation agreement

ISLAMABAD, Feb 15, 2005 (Daily Times) — The second round of talks for an agreement between Pakistan and Sudan, which helps avoid double taxation and ensures cooperation in eliminating tax evasion, will be held in Khartoum in the first week of March, an official told Daily Times.

The Central Board of Revenue is sending Muhammad Fayyaz Khan, income tax policy chief, and Muhammad Riaz, international taxes policy secretary, to Sudan by the end of February.

The first round of bilateral talks was held at Islamabad last year and it was decided then that a second round would take place to finalise the proposed agreement between the two countries.

The agreement will cover many areas of economic activity to be initiated by the private sector as well as the public sector in both countries.

Under the proposed agreement, income from any transaction will taxed at the country where it was actually completed and an equal amount of tax credit will be available to the home country receiving the transaction amount.

Both countries will cooperate to eliminate tax evasion.