The Kingdom of Saudi Arabia and Gabon signed an agreement for the avoidance of double taxation and prevention of evasion on income tax.
The agreement was signed in a meeting between KSA Minister of Finance Ibrahim bin Abdulaziz Al-Assaf and Gabon’s Minister of Economy, Durable Development, Promotion of Investments and Prospective Regis Immongault on Thursday.
Attended by Gabon’s government secretary general and cabinet member Ali Akbar Y'Obegue, the meeting discussed ways to develop the bilateral relations between the two countries, especially in the economic and investment fields.
It is the 43rd tax agreement the Kingdom signed with other countries, Al-Assaf said, pointing out that the agreement sets up a legal framework defining the tax relations between the KSA and Gabon.
He noted that the agreement clearly defines the tax rules to which investors from either country are subject to when doing business in the other country and avoids double taxation on income resulting from the activity of the investor.
The agreement reduces the tax burden on investors and adds more transparency to all tax rules to which they are subjected.
Al-Assaf called on the businessmen of the two countries to make use of the agreement advantages, including tax deductions, to establish more joint business and investment ventures.
He said that volume of trade between the KSA and Gabon does not reflect the true essence of the distinguished relations between the two brotherly countries, urging businessmen of the two countries to support mutual trade and investment.
The meeting was also attended by Saudi Ambassador to Gabon HE Adnan Al-Mandeel, GAZT Deputy Director General of Programs and Policies Mr. Fahd Al-Kharashi and Gabonese Ambassador to Saudi Arabia Ismael Gnamalengoungou Oligui.