Moldova, UK sign Double Taxation Convention

The United Kingdom and the Republic of Moldova signed on Thursday, November 8, a Double Taxation Convention in London, the UK Embassy said in a press release. Foreign Office Minister Meg Munn MP represented the UK, with Moldova represented by the Deputy Foreign Minister Valeriu Ostalep. “I am very pleased that, in entering into this Convention with Moldova, the UK will be extending our legal co-operation in what is for us an increasingly important part of the world”, Meg Munn was reported by the UK Embassy as saying. The Convention will deepen and strengthen ties with Moldova, and benefit the citizens and businesses of both countries, by encouraging new, and adding to existing, bilateral trade and investment, the UK official said. Double taxation conventions are agreements between two states, which are designed to protect against the risk of double taxation where the same income is taxable in two countries. Such agreements provide certainty of treatment for cross-border trade and prevent tax discrimination against UK business interests abroad. Moldova has double taxation treaties with 38 countries, of which 35 are in effect.