ANKARA, Nov. 10 (Xinhua) -- Turkey and Saudi Arabia have agreed on prevention of double taxation and tax fraud, the semi-official Anatolia news agency reported on Saturday.

    Turkish Foreign Minister Ali Babacan and a visiting Saudi finance official signed the agreement which aims at eliminating double taxation problems that arose along with the improvements in economic and commercial relations between the two countries, said the report.

    Under the agreement, the two countries' companies and individuals investing or working within each other's borders will no longer have to bear the burden of double taxation on earnings and income.

    The agreement will take effect once it is ratified in parliaments of both countries, according to the report.

    With the new signature with Riyadh, Turkey has signed a total of 72 agreements on prevention of double taxation with outside world.