ISLAMABAD, Aug 5: Pakistan will soon ratify the implementation of the convention for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income with Saudi Arabia.

An official source in the Central Board of Revenue (CBR) told Dawn on Thursday that the federal cabinet had approved the convention, which would be implemented following the ratification by the Saudi government.

Similarly, Pakistan will also ratify the convention for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income following the approval and ratification by the Moldova government.

The official said that following the implementation of these agreements, it would open avenues for increasing bilateral trade and investment with these countries. The agreement would strengthen economic relation and facilitate business community of both the countries to come closer to boost investment and provide employment opportunities.