DR IBRAHIM AL-ASSAF, THE MINISTER OF FINANCE, SAID THE AGREEMENT OF AVOIDANCE OF DOUBLE TAXATION, SIGNED BY THE KINGDOM OF SAUDI ARABIA AND SOUTH YESTERDAY WILL CLEARLY DETERMINE THE TAXATION PROCESS BETWEEN THE TWO COUNTRIES. 'IT WILL CONSTITUTE A LEGAL AND STABLE FRAMEWORK FOR TAXATION BETWEEN THE TWO COUNTRIES', HE SAID. HE NOTED THAT THE AGREEMENT WILL EASE BURDENS ON INVESTORS BECAUSE IT STIPULATES AVOIDANCE OF DOUBLE TAXATION ON THE INVESTMENT ACTIVITIES.. IN A STATEMENT TO SPA, FOLLOWING THE SIGNING OF THE AGREEMENT, DR AL-ASSAF CALLED THE BUSINESSMEN IN THE KINGDOM AND SOUTH AFRICA TO BENEFIT FROM THE AGREEMENT FOR IMPLEMENTING MORE JOINT INVESTMENT PROJECTS. HE POINTED OUT THAT THE VOLUME OF TRADE EXCHANGE BETWEEN THE KINGDOM AND SOUTH AFRICA, WHICH IS STEADILY GOING UP, JUMPED FROM ABOUT SR 6 BILLION IN 2002 TO MORE THAN SR 13 BILLION IN 2005. DR AL-ASSAF SAID THE VISIT OF THE CUSTODIAN OF THE TWO HOLY MOSQUES KING ABDULLAH BIN ABDULAZIZ TO SOUTH AFRICAN IN 2002 HAS HAD A POSITIVE IMPACT ON THE SAUDI-SOUTH AFRICAN RELATIONS. IT IS WORTH MENTIONING THAT THE AGREEMENT WAS THE FIRST OF ITS KIND TO BE SIGNED WITH AN AFRICAN COUNTRY. THE AGREEMENT WAS SIGNED HERE YESTERDAY BY DR IBRAHIM AL-ASSAF AND SOUTH AFRICAN FOREIGN MINISTER NKOSAZANA DLAMINI-ZUMA IN THE PRESENCE OF THE CUSTODIAN OF THE TWO HOLY MOSQUES KING ABDULLAH AND SOUTH AFRICAN PRESIDENT THABO MIBEKI.
