Manila:A new double taxation treaty has been signed between Thailand and Norway, aiming to boost trade and investment while enhancing cooperation in preventing tax evasion.

According to Thai News Agency, the treaty was signed by Mr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance of Thailand, and Åsmund Grøver Aukrust, the Norwegian Minister for International Development. The convention is designed to eliminate double taxation concerning income taxes and prevent tax evasion and avoidance, aligning with international standards.

The agreement focuses on reducing double taxation and providing clarity and certainty in tax matters for businesses and investors. It also seeks to promote trade, investment, and economic activity between the two countries. A key aspect of the treaty is the prevention of tax evasion and cross-border profit shifting, in line with the Organisation for Economic Co-operation and Development (OECD) and G20 standards. Additionally, it promotes the exchange of information and cooperation between the tax authorities of both nations.

Thailand is committed to ensuring transparency and fairness in its tax system and is prepared to work with Norway to expedite the necessary domestic processes for the treaty's implementation. This initiative is expected to bolster investor confidence and create opportunities for long-term economic collaboration between Thailand and Norway.