The North Africa Post
The Japanese House of Councilors on Wednesday adopted the agreement on nondouble taxation signed between Morocco and Japan. The agreement was signed in Rabat on January 8 during the fifth session of the Morocco-Japan Joint Commission meeting.
It is meant to avoid double taxation and to prevent tax evasion and fraud. It applies to persons residing in both countries. The adoption of the agreement comes a few days after the House of Councilors approved a Moroccan-Japanese accord on the protection and promotion of investments between the two countries that was also signed during the Joint Commission meeting in Rabat.
The adoption of the two agreements attests to the importance that Japan grants to Morocco as a leading economic partner in Africa, said a statement from the Moroccan embassy in Tokyo.
These two important legal instruments will make it possible to give new impetus to bilateral economic relations and strengthen the presence of the Japanese private sector in Morocco.
Morocco currently hosts 72 Japanese companies, including the seven major players in the automotive industry, energy, chemicals, banking and logistics. These companies employ more than 40,000 Moroccans. The number of Japanese companies in Morocco has nearly doubled over the past three years, the Moroccan embassy said. Moroccan-Japanese trade currently represents 4.5% of all trade between Morocco and Asia and 2.7% of trade between Japan and Africa.
POSTED BY NORTH AFRICA POST
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