ISLAMABAD: Pakistan and China have signed the third protocol to avoid double taxation and prevent fiscal evasion with respect to taxes on income.

An official statement issued on Friday said Federal Board of Revenue (FBR) chairman Nisar Muhammad and Commi­ssioner State Administration of Taxation (SAT) of China Wang Jun signed the Third Protocol to the Avoidance of Double Taxation Agreement on behalf of their countries.

Under the protocol, a Chinese bank and a state-owned investment fund of the Chinese government will avail themselves of income tax exemptions on interest income from loans for energy projects under the China-Pakistan Economic Corridor.

Published in Dawn December 10th, 2016