ISLAMABAD: The Third Protocol to the Avoidance of Double Taxation Agreement between Pakistan and China was signed at a ceremony held here at the Federal Board of Revenue (FBR) Headquarters.

Nisar Muhammad, Chairman Federal Board of Revenue and Mr Wang Jun, Commissioner State Administration of Taxation (SAT) China signed the third protocol on behalf of Pakistan and China respectively, said a statement issued here on Friday.

The signing of the protocol was overseen by Haroon Akhtar Khan, Special Advisor on Revenue. Haroon Akhtar Khan in his address to the participants shared his experiences in China and appreciated the way China has developed in such a short span of time. He welcomed the Chinese delegation to FBR and hoped that the two tax authorities will continue mutual cooperation in the area of taxation.

Earlier, in his opening remarks, Nisar Muhammad, Chairman FBR, welcomed the Chinese delegation to FBR and underscored the significance of the CPEC for the people of both the countries.

He emphasised that the Tax Administrations of both the countries should cooperate in various international commitments like Multilateral Convention on Mutual Administrative Assistance in Tax Matters, Base Erosion and Profit Shifting (BEPS) Framework and other international and OECD initiatives.

Wang Jun, Commissioner State Administration of Taxation (SAT), China highlighted various aspects of Pakistan-China friendship and appreciated the efforts of FBR and SAT to arrive at agreement on the Third Protocol to the Avoidance of Double Taxation Agreement.

He was also of the view that FBR and SAT must open new vista for mutual cooperation in various areas, including capacity building of the human resource.