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Senate ratifies convention with Slovenia on double taxation avoidance

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by December 29, 2016 Business

The Senate deputies approved at the plenary session the bill On Ratification of the Convention between the Government of the Republic of Kazakhstan and the Government of the Republic of Slovenia for the avoidance of double taxation and prevention of tax evasion on income and capital and the Protocol thereto.

The Convention proposed for ratification will firstly allow eliminating double taxation of income of legal entities and natural persons that are residents of the contracting states through the distribution of taxation rights between contracting states, the Minister of Finance Bakhyt Sultanov introduced the bill.

The Convention is a bilateral international agreement, which provides the taxpayers of each contracting state the opportunity to pay the tax once only � in one of the contracting states. Moreover, the document facilitates strengthening and expanding Kazakhstan-Slovenian economic cooperation by creating favorable investment conditions.

Thirdly, the Convention will resolve the issues of preventing tax evasion through the exchange of information on tax matters between the competent authorities of the two states. Certain articles of the Convention reflect the procedure for taxation of income and other payments of artists, athletes, civil servants, students operating in the contracting states, Bakhyt Sultanov clarified.

Source: Government of the Republic of Kazakhstan

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