ISLAMABAD, Jan 14: Pakistan and Saudi Arabia on Saturday finalized amendments in the agreement for avoidance of double taxation in respect of income between the two countries.

An official in the Central Board of Revenue (CBR) told Dawn on Saturday that the agreement would be signed during the upcoming visit of the Shah Abdullah of the Kingdom of Saudi Arabia next month.

At the meeting the Saudi delegation was led by director general of International Taxes, Ministry of Finance, Hamid Bin Suleman Al Najashi, while Pakistani delegation was led by Member Direct Taxes, Salman Nabi.

Pakistan and Saudi Arabia had initialled the draft agreement on April 29, 2004 in Islamabad, which was awaiting final signing and ratification by both countries.

According to the official, all the minor changes in the draft agreement proposed by Saudi Arabia were finalized by the two sides during the last two days of the negotiations.

The finance ministers of the two countries, during the visit of the Saudi king, would sign the agreement on behalf of their respective governments, the official added.

The agreement will facilitate the business community of both the countries to increase trade, boost investment and generate employment opportunities.