Deal signed with Czech Republic to avoid double taxation

Bangladesh and the Czech Republic signed an agreement yesterday to avoid double taxation in a bid to strengthen bilateral trade and investment ties between the two countries.

The main goal is to help investors avoid paying taxes on the same income in the two countries. The Double Taxation Avoidance Agreement (DTAA) will create a congenial atmosphere in Bangladesh for Czech investors, the National Board of Revenue (NBR) said in a statement.

Bangladeshi investors will also feel encouraged to invest in the central European country, said the NBR.

Kalipada Halder, NBR's member for international taxes, and Vaclav Zika, leader of the delegation from tax authority of the Czech Republic, signed the agreement at a programme at Pan Pacific Sonargaon Hotel in Dhaka.

Both the countries will ratify the agreement later, another NBR official said. This is the 34th DTAA that Bangladesh has signed so far to avoid double taxation. The tax authority is also working on signing the agreement with six more countries.