Bulgaria and Germany signed on Monday an agreement for avoiding double taxation between the two countries.

The agreement was signed by Rossen Zhelyazkov, chief secretary at the Council of Ministers, and Peter Ammon, State Secretary of the Federal Foreign Office.

The document revokes an agreement from 1987 and contains all changes in Bulgaria's taxation policy since 1988.

The agreement, which will substantially lighten the tax burden over dividends of trans-border trade, provides for special mechanisms that will keep it safe from violations by citizens of third countries.

The document also includes clauses on exchange of any kind of financial information between the two countries.

The agreement will come into force after its ratification from Bulgaria's national assembly and Germany's Bundestag and the subsequent exchange of ratification letters.

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