Bulgaria-Pak signs ‘avoidance of double taxation’ agreement

By Staff Reporter
Wednesday – May 22, 2019
ISLAMABAD: Bulgarian economy deputy minister Liliya Ivanova, along with her delegation, on the second day of Bulgaria-Pakistan inter-governmental commission (IGC) talks, on Tuesday, signed with Pakistani counterparts an agreement on avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.

According to an official statement, the economic affairs division (EAD) secretary Noor Ahmed led the Pakistani delegation while the said agreement was signed between the federal board of revenue (FBR) director general and Ivanova.

Bulgarian side agreed to facilitate the export of Pakistani citrus fruit, mango, rice, raw cotton, dates, fruits and marble to Bulgaria and other countries of Eastern Europe, while Pakistan will facilitate the import of Bulgarian products in Pakistan and to the regional third world countries.

Both sides agreed to work together for promotion of bilateral trade and investment.

Bulgaria-Pakistan also agreed to encourage their businessmen for participation in trade fairs and exhibition and to endeavour for establishment of joint ventures in automotive, engineering and food processing.

The IGC focused discussions on enhancing trade, economic cooperation in information and communications technology (ICT), agriculture, livestock, tourism, culture, maritime and railways sectors.

EAD secretary Ahmed, in his concluding remarks, expressed that both the countries will continue to strengthen economic and trade relations in future for mutual benefit of two countries.

Ivanova also reciprocated the spirit of friendship, cooperation and assured that Bulgaria will enhance cooperation with Pakistan in the identified areas.

Representatives of various ministries and relevant organisations including commerce, information technology, railways, maritime affairs and national food security participated in the session.