ADDIS ABABA – Ethiopia and Switzerland on Thursday signed a double tax avoidance agreement as the two nations bid to boost their economic cooperation.
The deal came after three-rounds of talk between governments of the two countries.
The Ministry of Finance will encourage businesses from Switzerland to invest here while increasing their Ethiopian counterpart participation in the European nation’s market.
The agreement was signed in Addis Ababa by Ahmed Shide, Minister of Finance and Ambassador of Switzerland to Ethiopia, Tamara Mona.
When the agreement comes to force, people or businesses working abroad in either country will avoid pay taxes in both countries, and will instead pay income and capital taxes in only one country.
The agreement will reduce possible tax evasions, according to the ministry.
Featured Image: Finance minister Ahmed (R) and Ambassador Mona (L) discussed of ways of strengthening ties between the two countries after the signing agreement on Thursday, July 20, 2021. [Photo MoF]