Switzerland And Pakistan Sign New Double Taxation Avoidance Agreement
Representatives from the governments of Switzerland and Pakistan met in Islamabad
on Tuesday to put their names to a new comprehensive agreement for the avoidance
of double taxation. The agreement, signed on behalf of Switzerland by Denis Feldmyer, Ambassador
to Pakistan, and on behalf of Pakistan by Abdullah Yusuf, Chairman of the Central
Board of Revenue, will encompass income from shipping, immovable property, interest,
royalties and fees for capital gains and technical services. Under the arrangement, business income will be taxable at the place of permanent
establishment and Swiss firms will be given a tax credit in Switzerland on
income earned in Pakistan. The new agreement, initially concluded in 2002, updates the much older previous
double tax avoidance agreement which dates back to 1959. .
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