ISLAMABAD: Amending the agreement on avoidance of double taxation (ADTA), Pakistan and Austria signed additional protocol which will facilitate hassle free exchange of information and help ensure transparency in tax related matters
Both the countries have been treaty partners for the last ten years as they signed the Convention on Avoidance of Double Taxation in August 2005 which was enforced in 2006.
At the signing ceremony, Finance Minister Dar said the amendment in the convention on avoidance of double taxation between the two countries through Additional Protocol (updating article on exchange of information) was a step in the same direction for bringing it at par with Article 26 of the OECD Model Tax convention.
He said, “We would remain a step ahead in making our laws compatible with the global standard on exchange of information.”
Austrian Ambassador Ms Briggitta said that she felt happy on the signing of this protocol as it would be mutually beneficial for enhancing transparency of the tax system and facilitating exchange of tax information. The Austrian ambassador and FBR Chairman Tariq Bajwa signed the document on behalf of their respective governments.
