Taxation treaty with Iraq signed

Pakis­tan and Iraq have signed a convention to eliminate double taxation on income, capital and prevent tax evasion to promote economic cooperation. The convention was signed against the backdrop of recent efforts to boost trade, investment, and tourism between the two countries. Several business meetings, including a single-country exhibition, have been held in Iraq since last year to promote engagement. The tax officials of Pakistan and Iraq have signed a draft agreement to eliminate double taxation in Islamabad after detailed deliberations. Tax delegations from both countries met in Islamabad from Aug 7-9 for the first round of negotiations. The convention will not only provide safeguards against double taxation on the income of the residents of both countries but will also promote economic cooperation and enhance investments.