NBR to sign deal with Bhutan to avoid double taxation
Bangladesh is set to sign an agreement with Bhutan to avoid double taxation to boost investments, trade and facilitate information exchange between the two Saarc nations, the National Board of Revenue said in a statement.
A team led by NBR Chairman Md Nojibur Rahman is now in Thimpu to take part in the first round of negotiations for signing the deal with Bhutan.
“The agreement will play an important role in expanding trade and economic development of both countries. The deal will also help curb tax evasion.”
Bhutan will be the fifth country among the eight nations of Saarc with which Bangladesh may sign such a deal. Earlier, the government inked similar deals with India, Nepal, Pakistan and Sri Lanka.
The NBR has so far signed double taxation avoidance deals with the US, Canada, China, Japan, Malaysia, Thailand, Singapore, Saudi Arabia, South Korea, UAE, Vietnam, UK, Sweden, Romania, France, Germany, the Netherlands, Italy, Denmark, Norway, Belgium, Poland, Turkey, Switzerland and Belarus.
The NBR said it has completed formalities to sign such agreements with Morocco, Bahrain, Qatar and Kuwait.
It has also concluded the first round of negotiations with nine countries that include Iran, Portugal, Russia, Spain and Hong Kong, according to the statement.