(Communicated by the Foreign Ministry Spokesman)
On Tuesday, September 26, 2006 Israel and Portugal signed an agreement on the avoidance of double taxation and the prevention of tax evasion. The signatories at the ceremony, held in Lisbon, were Israeli Ambassador to Portugal Aharon Ram, and João Gomes Cravinho, Portuguese Secretary of State of Foreign Affairs and Cooperation.
The agreement with Portugal - the result of intensive, joint efforts by the ministries of finance, justice and foreign affairs in both states - is the last in a series of similar tax agreements signed between Israel and the veteran members of the European Union. It is expected to encourage and help joint ventures, exporters and businessmen in both countries, as the agreement enters into force this calendar year.
Trade and economic relations between Israel and Portugal are well developed, with reciprocal trade between them in 2005 amounting to $155 million. In 2006 (until August) Israeli exports to Portugal rose by 30 percent, to $65 million.