Issued by: Ministry of Finance
27 NOVEMBER 1995
As part of the Department of Finance's ongoing programme to improve South Africa's investor-friendliness, two conventions for the avoidance of double taxation are being signed today.
Deputy Finance Minister, Alec Erwin and visiting Russian First Deputy Prime Minister, Oleg Soskowets, sign a convention at 17h30 in Pretoria. Minister of Trade and Industry, Trevor Manuel, signs a convention with Canada's Minister for International Trade, Mr Roy McClaren, at 18h00 South African time, in Toronto. Mr Manuel and Mr McClaren will also be signing an investment protection agreement.
The double tax convention signed recently include one with Lesotho, signed in Pretoria on 24 October 1995, and one with Italy, signed in Rome on 16 November 1995. Six other treaties are on the brink of being finalised, whilst eleven are under negotiation at present. South Africa has existing comprehensive agreements with some 22 countries.
Deputy Minister Alec Erwin said that the signing of the Convention with the Russian Federation at a time when both the significant boost for investment opportunities. Other agreements being signed during the visit by the Russian First Deputy Prime Minister include a broad agreement on co-operation, and an agreement on visa requirements.