News:Govt scraps double taxation for Chinese firms

<vote /> Government enacted a law last week to remove double taxation for individuals and firms doing business between Zimbabwe and China to boost economic cooperation between the two nations.

Under the Statutory Instrument, investors in any of the two states would only be taxed in their country of operation in a move that is also expected to improve the ease and cost of doing business for expatriate workers of both countries. Part of the Statutory Instrument reads,

Agreement shall apply to taxes on income imposed on behalf of Contracting States or of its local authorities, irrespective of the manner in which they are levied.

The law follows an agreement concluded between Zimbabwe and China early this year to relieve double taxation of income earned in one jurisdiction by the resident of the other.

Read More: NewZimbabwe.com

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