Taxation treaty signed with Bulgaria

ISLAMABAD: Pakistan has signed an agreement with Bulgaria on avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.

The agreement was signed at the sideline of the Second Session of Pakistan–Bulgaria Inter-Governmental Commission (IGC) which concluded on Tuesday.

Director General FBR Muhammad Ashfaq Ahmad and Deputy Minister of Economy Republic of Bulgaria Liliya Ivanova signed the agreement on behalf of their respective governments.

The agreement would not only provide safeguards against double taxation of income of Pakistani and Bulgarian residents but also promote economic cooperation, investment and further strengthen the existing economic relations.

Enhance bilateral trade

Meanwhile, the second session of the IGC concluded with a resolve to enhance bilateral trade between Pakistan and Bulgaria.

Secretary Economic Affairs Division (EAD) Noor Ahmed and the Bulgarian deputy minister of economy led their respective delegations.

According to an official announcement, the IGC discussion focused on enhancing trade, economic cooperation in ICT, agriculture, livestock, tourism, culture, maritime and railways sectors.

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

The Bulgarian side agreed to facilitate the export of Pakistani citrus fruit, mango, rice, raw cotton, dates, fruits and marble to Bulgaria and other East European countries, while Pakistan said it would facilitate export of Bulgarian products in the country.

Both sides also agreed to encourage their businessmen 

for participation in trade fairs and exhibitions and to work for establishment of joint ventures in automotive, engineering and food processing.

Secretary EAD in his concluding remarks said the two countries will continue to strengthen economic and trade relations in future for mutual benefit of two countries.

Mrs Ivanova assured that Bulgaria will enhance cooperation with Pakistan in the identified areas.

Representatives of various ministries and organisations also participated in the event.During her stay in Pakistan, Mrs Ivanova called on the Minister of National Food Security and Research Sahibzada Mehboob Sultan and Adviser to the Prime Minister on Commerce and Textile and Investment Abdul Razak Dawood.