Morocco, Bulgaria to start enforcing non-double taxation agreement

Morocco and Bulgaria exchanged in Rabat on Monday the ratification documents of a non-double taxation agreement, signed in 1996 in Bulgaria's capital city of Sofia.

One of the agreement's articles stipulates that the two countries will start enforcing it starting on the date of the exchange of ratification documents.

Under the agreement, individuals and companies of the two countries will not be liable to double taxes on income and wealth.

The Bulgarian minister of agriculture, forests and agrarian reforms, Ventsislav Varbanov, is currently visiting Morocco where businessmen and experts from the two countries are meeting. The meeting is expected to be crowned with the signing of a series of agreements, including an accord on veterinary and plants.

The Bulgarian official also met with several Moroccan officials over means of upgrading bilateral trade exchange and economic cooperation.

Morocco's imports from Bulgaria --made up of natural and chemical fertilizers, wheat, copper and equipment used in food industry-- totalled $7.5 million in 1997, while exports, mainly phosphates and lead, were valued at $10.5 million.

The high joint commission is scheduled to convene next March.