The Parliament of the Republic of Kazakhstan ratified the amendments to the Convention between the Governments of Kazakhstan and Azerbaijan on the avoidance of double taxation of 1996.

According to Minister of Finance Bakhyt Sultanov, the Protocol will allow, firstly, to enhance cooperation between the tax services of both states by expanding the exchange of information, and secondly, to apply domestic legislation when tax evasion is discovered and the provisions of the convention are abused.

“The protocol also amends the terms" Kazakhstan "(in accordance with the wording recommended by the MFA of the Republic of Kazakhstan) and" Azerbaijan ", the types of taxes covered by the Convention are updated (obsolete tax names have been replaced by modern ones in accordance with the current tax legislation of both countries); the provisions of the article regulating the definition of residency in the contracting states and others are updated. I would also like to note the significance of this protocol as a legal framework for resolving taxation issues between the two states,” – the Minister said, speaking at the Senate plenary meeting.

According to the Ministry of Finance, trade turnover between Kazakhstan and Azerbaijan over the past 10 years amounted to 3.2 billion USD. Kazakhstan's main exports are wheat, crude oil products, obtained from bituminous rocks and iron sheets. The structure of imports is dominated by sugar, hazelnuts. Investments from Azerbaijan to the Republic of Kazakhstan over the past 10 years amounted to 168.7 million USD.

The Finance Minister assured that the implementation of the Protocol will not require financial expenditures from the National budget. The Parliament has passed this law.

KAZINFORM

Published: 15 February 2018

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