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Ecnomy-Finance
Japan and Morocco Come to Agreement on Tax Convention
Tuesday, October 1, 2019
Tokyo- (PanOrient News) Japan and Morocco have come to an agreement on a planned tax convention between the two countries, according to a statement released by the Japanese Ministry of Foreign Affairs on Tuesday.
The purpose of a tax convention is to clarify the amount of taxation in the two countries, eliminate international double taxation and prevent tax evasion. In addition, the ministry said that the agreement is expected to promote more mutual investment between the countries.
While Japan has established tax conventions with many countries throughout the world, especially in Asia, Europe and North America, it only has three bilateral tax conventions in place with African countries: with South Africa, Egypt and Zambia.
Morocco will be added to that list after the text is finalized and the necessary procedures are completed within the two respective governments. For Japan, that means approval by the Diet.
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