Ghana and the Czech Republic have signed a double taxation agreement to prevent fiscal evasion with respect to taxes on income. The countries also agreed on enhancing the mutual assistance in the collection of taxes.
The Minister of Finance, Mr. Ken Ofori-Atta, signed on behalf of Ghana, while the Czech Ambassador to Ghana, Ms. Margita Fuschova, signed on behalf of her country. Ghanaian Ministry of Finance informed that the agreement aims to give investors a stable and predictable tax environment and consequently will encourage investments in both countries. In order to enter into force, the necessary approval procedure has to be carried out by the countries.
The Ministry of Finance informed the agreement will also eliminate the incidence where income from both countries are taxed twice, 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.
“In addition, tax evasion through the mutual assistance in the collection of taxes will also be reduced. Furthermore, cross border trade and investments between the two countries by the elimination of tax impediments will be greatly enhanced”, it said.
The Minister for Finance expressed the hope that diplomatic and economic ties will improve with the signing of this agreement. The Czech Ambassador also expressed similar sentiments saying she looked forward to improving relations between the two countries reminiscent to the 1960's.
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