Double taxation avoidance deal with Switzerland signed
Tuesday, 11 December 2007
FE Report
Bangladesh has signed an agreement with Switzerland on avoidance of double taxation aiming to boost cooperation in the areas of trade and investment.
National Board of Revenue (NBR) Chairman Muhammad Abdul Mazid and Ambassador of Switzerland in Bangladesh Dora Rapold signed the agreement on behalf of their respective sides at NBR premises Monday.
"The agreement will encourage the Swiss investors to investment more in the country," Mazid said after the treaty signing ceremony.
It will also enhance the trade between the countries, he said.
NBR member (tax policy) Ali Ahmed said: "Bangladesh has signed such agreement with 26 countries earlier."
Such agreement is expected to be signed with five other countries -- Saudi Arabia, Oman, Nepal, Qatar and Myanmar -- soon, he said.
The tax treaty agreement is expected to ensure favourable conditions for Swiss investments in Bangladesh.
A number of large Swiss companies have investments worth US$ 118 million in different sectors of the country including pharmaceuticals, food and diary and cement.
Novartis, Synzenta, Holcim, Nestle are among the major Swiss companies operating business in the country.
In 2006, Bangladesh exported $100 million and imported $116 million from Switzerland, NBR sources said.
In line with the agreement, individuals of both the countries will enjoy the facility to avoid double taxation. But each country has to define the respective rights to tax along with cross-border flows of income.
The treaty partners will have to provide tax related data to eliminate double taxation.
As per the agreement, the countries will exchange information regarding evasion of tax.
In 1978, the country signed the first tax treaty agreement with the UK.
Bangladesh has signed an agreement with Switzerland on avoidance of double taxation aiming to boost cooperation in the areas of trade and investment.
National Board of Revenue (NBR) Chairman Muhammad Abdul Mazid and Ambassador of Switzerland in Bangladesh Dora Rapold signed the agreement on behalf of their respective sides at NBR premises Monday.
"The agreement will encourage the Swiss investors to investment more in the country," Mazid said after the treaty signing ceremony.
It will also enhance the trade between the countries, he said.
NBR member (tax policy) Ali Ahmed said: "Bangladesh has signed such agreement with 26 countries earlier."
Such agreement is expected to be signed with five other countries -- Saudi Arabia, Oman, Nepal, Qatar and Myanmar -- soon, he said.
The tax treaty agreement is expected to ensure favourable conditions for Swiss investments in Bangladesh.
A number of large Swiss companies have investments worth US$ 118 million in different sectors of the country including pharmaceuticals, food and diary and cement.
Novartis, Synzenta, Holcim, Nestle are among the major Swiss companies operating business in the country.
In 2006, Bangladesh exported $100 million and imported $116 million from Switzerland, NBR sources said.
In line with the agreement, individuals of both the countries will enjoy the facility to avoid double taxation. But each country has to define the respective rights to tax along with cross-border flows of income.
The treaty partners will have to provide tax related data to eliminate double taxation.
As per the agreement, the countries will exchange information regarding evasion of tax.
In 1978, the country signed the first tax treaty agreement with the UK.