Pakistan-Lithuania initial Convention on Avoidance of Double Taxation
Pakistan‐Lithuania initial Convention on Avoidance of Double Taxation
Second round of negotiations on the Convention for Avoidance of Double Taxation between Pakistan and Lithuania was held in Islamabad from 14th to 17th March, 2011. After detailed deliberations, consensus was reached on all issues and the draft Convention was initialed by the respective heads of the two delegations on 17th March, 2011. The finalized draft was initialed by. Mr. Khawar Khurshid Butt, Member (Inland Revenue), FBR and Ms. Audrone Misiunaite, Head of the Direct Taxes and International Taxation Division of the Tax Department of the Ministry of Finance, Lithuania on behalf of their respective Governments.
Mr. Khawar Khurshid Butt, Member (Inland Revenue) expressed the hope that the Agreement will not only provide safeguards against double taxation on the income of the residents of both the countries but will also promote economic cooperation and investment. It will further strengthen the existing bilateral economic relations between the two contracting states. The two sides agreed to complete their internal procedures at the earliest to bring the Convention into force. Ms. Audrone Misiunaite expressed gratitude for the warm hospitality extended by Pakistan to her team.