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Switzerland and Pakistan on March 21 signed an updated double tax agreement.
The agreement is to replace the DTA currently in force. It contains improvements with regard to the taxation of service fees and capital gains resulting from the sale of qualifying participations. These rules are intended to promote economic exchange in bilateral relations. The agreement also contains an arbitration clause, which should guarantee the avoidance of double taxation.
The agreement contains a provision on the exchange of information in accordance with the international standard and an anti-abuse provision in accordance with the minimum standard set by the BEPS project of the G20/OECD.
Pakistan's Ministry of Finance said: "After signing, both the States will undertake internal procedures for ratification of the Agreement. After exchange of instruments of ratifications, the Agreement will come into force in Pakistan on first July of the next calendar year following that of the entry into force."
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