July 9, 2003	Wednesday	Jumadi-ul-Awwal 8,1424

ISLAMABAD, July 8: A tax delegation of Saudi Arabia is due to arrive here in December for second round of negotiations on a convention for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income between the two countries.

CBR official spokesman Vakil Ahmed Khan told reporters here on Tuesday that during the first round of negotiations, a Pakistani tax delegation had visited Saudi Arabia and consensus was achieved on most of the articles of the proposed treaty.

During the second round of negotiations to be held in Pakistan, tax officials of both the countries would develop consensus on the remaining articles of the conventions, he said.

The decision of having a convention on avoidance of double taxation was taken following the decision of Saudi Shura to levy income tax on income of foreign residents living in the Kingdom.

The Pakistani community in a meeting with President Pervez Musharraf in Saudi Arabia last year asked for the treaty to avoid double taxes on their income.