The Minister of Finance of Saudi Arabia Dr. Ibrahim bin Abdulaziz Al-Assaf said that the agreement signed here today in the presence of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud and British Prime Minister Gordon Brown on avoidance of dual taxation and prevention of tax evasion on income and capital taxes is considered a stable and legal framework that sets tax relations between the two countries. In a press statement, he noted that the agreement clearly specifies the tax treatment during the exercise of a resident of a contracting state the activity in the other and it ensures avoidance of dual taxation on the income of an investor which contributes to reducing the tax burden on investors and achieving transparency in tax treatment. Dr. Al-Assaf called on businessmen in the two countries to take benefit from this agreement which provides advantages and tax cuts to create more joint investment projects. The Minister of Finance indicated that the volume of trade exchange between the Kingdom and Britain has steadily grown, rising from SR10.5 billion in 2000 to more than SR14.1 billion in 2006.
