Kazakhstan and Azerbaijan to develop cooperation in tax sphere

17 January, 2018 11:32

The Mazhilis of the Parliament of Kazakhstan approved the work of the bill on ratification of the protocol between the Governments of Kazakhstan and Azerbaijan on introducing amendments and additions to the Convention between the Government of Kazakhstan and the Government of Azerbaijan on avoidance of double taxation and prevention of tax evasion with respect to taxes on income and property dated September 16, 1996. This was announced by Minister of Finance of Kazakhstan Bakhyt Sultanov during a plenary session of the Mazhilis.

"The protocol proposed to you for ratification will promote cooperation between the tax services of both states by increasing the exchange of information. Secondly, to apply the domestic legislation when there are tax evasion and abuse of the provisions of the convention", Bakhyt Sultanov said.

The Minister also mentioned statistical information about the mutual trade with Azerbaijan.

"The trade turnover between Kazakhstan and Azerbaijan over the past 10 years amounted to 2.8 billion dollars. The main points of Kazakhstan's exports are wheat, crude oil products and rolled iron. The structure of imports is dominated by sugar and hazelnuts. Investments from Azerbaijan to Kazakhstan for the past 10 years totaled 168 million dollars, and investments from Kazakhstan to Azerbaijan - about 20 million dollars. The implementation of the protocol will not require financial resources from the budget", the Minister concluded.

Kairat Zhandybayev

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