Double Taxation Avoidance Agreement with three more countries in offing

KATHMANDU: The government is preparing to ink the Double Taxation Avoidance Agreement with three more countries (Malaysia, Singapore and United Kingdom) within the current fiscal year.

As per officials at the Inland Revenue Department (IRD) series of discussions have been accomplished with these countries to ink the agreement to this effect.

The Double Taxation Avoidance Agreement is a tax treaty signed between two countries so that taxpayers can avoid paying double taxes on their income earned from the source country as well as the residence country.

Nepal has so far inked such agreement with 11 countries including India, China, Norway, Sri Lanka, Qatar, Pakistan, South Korea, Mauritius, Austria, Thailand and Bangladesh.