Austria and Pakistan signed a convention for the avoidance of double taxation at a ceremony earlier this month at the Pakistan Central Board of Revenue (CBR).
The convention was signed on behalf of Pakistan by CBR Chairman Muhammad Abdullah Yousuf and on behalf of Austria by the Austrian Ambassador to Pakistan, Guenther Gallowitsch.
According to a statement by the Pakistani government, Pakistan will benefit through the convention from the sharing of tax on income from the shipping business, immovable property, interest, royalties, fees for technical services and capital gains.
Income from business activities will be taxable at the place of permanent establishment, and students, trainees and teachers of any contracting state will be entitled to tax exemption for a period of six months to two years.
The Pakistani government hopes that the agreement will help to boost levels of foreign direct investment.
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