Malaysia, Maldives ink deal to eliminate double taxation on income
The agreement also covers the right to determine taxation and the reduction of withholding tax rates.
Malaysia and the Maldives on Wednesday signed an agreement to eliminate double taxation on income and prevent tax evasion or avoidance.
Maldivian finance minister Ibrahim Ameer and Malaysia's deputy finance minister signed the agreement at a ceremony held in Kuala Lumpur.
The agreement also covers the right to determine taxation and the reduction of withholding tax rates on certain incomes based on reciprocity for cross-border economic activities, the finance ministries of both countries said in separate statements.
The agreement will also strengthen economic relations between Maldives and Malaysia and contribute to the overall growth and prosperity of respective nations, they added.
