PARIS: Saudi Finance Minister Ibrahim Al-Assaf and French Minister of Economy, Finance and Industry Christine Lagarde signed Friday a supplementary agreement on avoiding dual taxation between the Kingdom and France. The agreement signed on the sidelines of the G-20 meeting, eliminates double taxation on income, inheritances and capital. It also allows the exchange of taxation information between the Kingdom and France and eliminates bank secrecy, officials said. In a statement to Okaz/Saudi Gazette, Al-Assaf said the Kingdom's policy is primarily focused on reviving the Saudi economy and continuing its growth under the difficult global economic circumstances. Lagarde told Okaz/Saudi Gazette that the French leadership is looking forward to the Kingdom playing an important and effective role in the G20 "because it is sharing the woes of the world that is striving to achieve stability in the world economy and a balance in prices of raw materials such as agricultural products, oil and gas. In this arena, the Kingdom plays an important role in ensuring stability and this will be reflected in people's lives in general." Al-Assaf further said the Kingdom's economic policies are geared toward supporting allies, especially the developing Arab countries, noting that "we are continuing this through the Saudi Development Fund and regional and international financial institutions to which the Kingdom is making substantial contributions." He added that the Kingdom is seeking to ensure that there is continuous growth in the global economy and that it reflects positively on the nation and other countries through participation in the G20. Al-Assaf said the G20 has a long timetable related to matters concerning the world economy, to include general policies relating to global economic growth and those related to specific matters like prices of commodities in general, particularly agricultural commodities. Agricultural commodity prices are a global concern, especially for developing countries that have suffered from recent increases, he said. Achieving stability, increasing the supply of agricultural commodities and lowering prices are essential, he added.
