BUSINESS

Multilateral Convention for the Implementation of Measures under the Double Taxation signed

 

The Multilateral Convention for the Implementation of Measures under the Double Taxation Agreement to Prevent Erosion of the Tax Base and Transfer Profits was signed on behalf of Bosnia and Herzegovina by Deputy Chairman of the Council of Ministers of BiH and Minister of Finance and Treasury Vjekoslav Bevanda.

Minister Bevanda explained that this convention seeks to eliminate loopholes in international tax rules, abuses of the existing network of double taxation treaties that have led to significant losses in global income tax revenue. There are attempts at abuses and tax evasion all over the world, which is why such conventions are particularly important, which have concrete measures that we will implement in BiH as well.

This will not only prevent abuses but also create a better environment for businessmen as it avoids double taxation and stimulates investment.

“We closely monitor this area, coordinate with the entities and cantons, as well as with all international institutions dealing with tax policy and regulations. We expect other conventions in this area to be signed soon,” ”Bevanda said.

He said that the issue of tax evasion was being successfully addressed because a large number of countries had adopted standards of transparency and information sharing.

“The result is the fact that financial information, such as those on bank accounts, is exchanged internationally,” Bevanda noted, Avaz news portal reports.

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