Saudi Arabia, Switzerland sign agreement

The Saudi minister of finance and national economy Ibrahim al-Assaf today in Riyadh signed with the federal chancellor for national economy and the Swiss economy minister an agreement to avoid double taxation on revenues arising from international air transport and employees bonuses between the Saudi and Swiss governments.

Al-Assaf explained that the agreement provides for mutual exemption from taxes on activities of the national air companies in the two countries and that this agreement is considered an important step in supporting trade and economic cooperation between Saudi Arabia and Switzerland.