Nepal and Bangladesh sign agreement on Avoidance of Double Taxation

Kathmandu, March 5 . A bilateral agreement has been signed between Nepal and Bangladesh on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income.

Revenue Secretary Lal Shanker Ghimire and Senior Secretary, International Resources Division, Ministry of Finance and Chairman of the National Board of Revenue of Bangladesh, Mosharraf Hossain Bhuiyan, today signed the agreement in presence of Minister for Finance, Dr Yubraj Khatiwada.

The agreement signed today aims at providing settlement between the tax claims of the government of Nepal and the government of People’s Republic of Bangladesh. It would also eliminate double taxation, promotion of bilateral trade, persons, services and capital investment.

Nepal has already signed such type of agreement with China, India, Qatar, South Korea, Pakistan, Mauritius, Austria, Sri Lanka, Norway and Thailand.

Secretary Ghimire expressed the belief that the agreement would pave ways for the expansion of trade relation and investment between the two countries. The agreement signed between the two countries, also the members of SAARC as well as other regional organisations, would make long-term effect.

Similarly, Senior Secretary Hossain said that the agreement signed today would be crucial for investment expansion as well as searching further dimensions. Nepal can use different dry ports of Bangladesh after this agreement.