ACCRA, Ghana and the Czech Republic have signed an agreement for the avoidance of double taxation to eliminate the incidence of income of tax reidents of both countries being taxed twice.
Ghana’s Minister for Finance, Ken Ofori Atta, and Czech Ambassador to Ghana Margita Fuschova signed the agreement on behalf of their respective countries here Wednesday.
The Ministry of Finance said in a statement the agreement was signed after the two countries had concluded negotiations for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The agreement gives investors a stable and predictable tax environment and consequently will encourage investments in both countries.
It will also eliminate the incidence where income from both countries is taxed twice and as well as increase Ghana’s Exchange of information network, which allows treaty partners to exchange information in order to mitigate tax risk and tax evasion across borders.
Atta expressed the hope that diplomatic and economic ties will improve with the signing of this agreement while the Czech ambassador said she looked forward to improving relations between the two countries.
Source: NAM NEWS NETWORK