Malaysia and Qatar on Thursday signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
Deputy Minister of Finance Datuk Ahmad Husni Mohamad Hanadzlah said the agreement would strengthen bilateral relations between the two countries, and further expand the scope of cooperation to other areas such as trade and investment, education, tourism, culture and information.
"The volume of bilateral trade between Malaysia and Qatar surpassed the RM1 billion mark in 2007, a strong indicator of a beginning for more efforts to be improved in the existing bilateral trade and to explore the possibility of venturing into new areas of co-operation," he said in his closing remarks after witnessing the signing ceremony.
The agreement was signed by Qatar Director of Public Revenues and Taxes Department Moftah Jassim Al-Moftah while Malaysia was represented by Secretary General of Treasury Tan Sri Dr Wan Abdul Aziz Wan Abdullah.
With the signing of the agreement, Qatar became the 68th treaty partner of this country in the field of taxation, and the 20th state among 57 OIC members that have signed such agreements with Malaysia.
Ahmad Husni said Malaysia is looking forward for more companies especially from the private sector to take this opportunity and to participate in the infrastructure and socio-economic developments in Qatar.
"At the same time Malaysia welcomes Qatari's investment in the five economic corridors - Iskandar Malaysia, Northern Corridor Economic Region, East Coast Economic Region, Sabah Development Corridor and the Sarawak Corridor of Renewable Energy.
"The focus needs to be given to the opportunities available in the huge global Islamic financial market. In this regard, Malaysia is ready to work hand in hand with Qatar to uphold collaboration in Islamic banking and financial business for mutual benefits," he added.
- BERNAMA |
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