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Syria, Germany Sign Double Tax Pact

Tuesday, February 23, 2010

Syrian Finance Minister Mohammed al-Hussein and German Ambassador in Damascus, Andreas Reneke, signed a convention for the avoidance of double taxation and fiscal evasion as plenipotentiaries for their respective countries on February 17.

When the agreement enters into force it will remove double taxation on trade and investment between the respective countries, facilitating increased trade flows and cooperation in financial and economic spheres. If the agreement is ratified by both countries this year as expected, it will enter into force from January 1, 2011.

Trade flows between the two countries amounted to USD2.03bn in 2008, with exports to Germany amounting to USD1.65bn, and imports Syria amounting to USD378m.