Switzerland’s finance minister Ueli Maurer has signed an agreement with his Saudi Arabian counterpart on double taxation between the two countries.
The accord finalises negotiations that began back in 2010. In August 2016, Switzerland’s executive body, the Federal Council, had signed off on a plan outlining Switzerland’s political role and the impact on tax revenues.
Mr Maurer also spoke with the Saudi finance minister Mohammed Al Jadaan about cooperation in financial matters and the creation of a regular dialogue on such issues between the two countries during a four day visit to the Middle East.
During the trip the Swiss delegation will meet with representatives of supervisory authorities, central banks, and private sector actors.
According to a statement, these meetings “will deal with enhancing dialogue and cooperation in financial and tax matters with two important partner states of Switzerland in the Gulf region, and bilateral and multilateral concerns regarding financial matters and concrete cooperation.”
Specific issues to be addressed include frameworks for investments and financial services, as well as local opportunities for Swiss financial institutions.
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