A double taxation avoidance agreement between the United States and Bangladesh has been approved by US lawmakers and now awaits the signature of President George W. Bush, according to officials from the BAngladesh government.
Citing sources from the National Board of Revenue, the United News of Bangladesh reported that the United States Congress had approved the deal earlier in the month.
"We’re very much optimistic about completing all the procedures within a short time," NBR member AS Jahir Muhammad was recently quoted as saying by UNB.
"Our mission in the USA informed us that the US Congress approved the treaty and all the formalities would be completed within a short period," the official added.
American investors have reportedly expressed particular interest in investing in Bangladesh's energy sector and it is hoped that the new DTAA will pave the way for higher volumes of US investment in the country in general.
Total US investment in Bangladesh now stands at just $1 billion.
Bangladesh currently has a network of 23 double taxation avoidance agreements and has many more in the pipeline, including with Mauritius, Qatar, Myanmar, Saudi Arabia, Switzerland, Russia, Nepal, Iran, Uzbekistan, South Africa and Morocco.
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