Senate ratified Kazakhstan-Slovenia convention on double taxation avoidance

According to Minister of Finance Bakhyt Sultanov, the ratification of the Convention will enable both sides to eliminate double taxation of legal entities and individuals who are the residents of the contracting states by means of allocation of taxation rights between the countries.

The Convention is a bilateral international agreement. Each of the signatory countries enables taxpayers to pay tax only once – in one of the contracting countries. Besides, the document promotes strengthening, expansion of economic cooperation between Kazakhstan and Slovenia by creating favorable conditions for investments.

“Thirdly, the ratification of the document will let prevent tax payment avoidance by exchanging information on tax-related issues between the authorized structures of the two countries. Some articles of the Convention reflect a strict order of income taxation and other payments of performing artists, sportsmen, public servants and students,” the Minister explained.