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Pakistan and Mexico have initialled a draft Convention for Avoidance of Double Taxation, says a press release issued Friday.The consensus was reached during the second round of negotiations which were held in the federal capital for five consecutive days. At the end of the detailed deliberations ending on May 20, 2011, the two sides reached a consensus on all issues and the draft Convention was initialled by the respective heads of the two delegations. The finalized draft was initialled by Mr. Khawar Khurshid Butt, Member (Inland Revenue), FBR and Mr. Armando Lara Yaffar, Director General, Ministry of Finance, Mexico on behalf of their respective Governments.
The two sides expressed the hope that besides providing safeguards against double taxation on the income of the residents of the two States, the Agreement will also boost economic cooperation, trade and investment. The two sides agreed to complete their internal procedures at the earliest to bring the Convention into force. Mr. Armando Lara Yaffar expressed gratitude for the warm hospitality extended to his team.