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Japan and Algeria conclude Tax Convention

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26 Dec 2023 04:12:33 GMT9
26 Dec 2023 04:12:33 GMT9

Arab News Japan

TOKYO: Japan has received notification from Algeria today confirming that internal procedures necessary for the establishment of a Convention between Japan and the People’s Democratic Republic of Algeria for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (Convention) were completed after being signed on February 7, 2023.

The Convention will enter into force on January 20, 2024, the thirtieth day after receipt of the notification, and will take effect on taxes levied on a taxable year beginning on or after January 1, 2025, and on taxes not levied based on a taxable year after January 1, 2025.

Provisions concerning the exchange of information and assistance in the collection of taxes will take effect from January 20, 2024.

Bilateral ties between Japan and Algeria date back over 60 years, when Japan first recognized Algeria’s independence in 1962.

In 1964, a Japanese Embassy was opened in Algiers, and an Algerian Embassy was opened in Tokyo.

According to the Foreign Ministry, 77 Japanese nationals were residing in Algeria as of October, while 379 Algerian nationals were residing in Japan as of May 2021.

In 2020, Algerian exports to Japan, including petroleum, petroleum spirit, albacore, and tuna, were valued at 27.2 billion yen, while Algerian imports, including iron and steel products, machinery, and motor vehicles, were valued at 21.4 billion yen.

Algeria is the biggest plant market for Japanese enterprises, and the economic relationship is mainly in energy, such as plant construction projects, according to the ministry.

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