Senate ratified Kazakh-Serbian Convention on double taxation avoidance

ASTANA. KAZINFORM The Law "On ratification of the Convention between the Government of the Republic of Kazakhstan and the Government of the Republic of Serbia concerning the avoidance of double taxation and prevention of tax evasion with respect to taxes on income and capital and the Protocol to the Convention" has been adopted today at the Senate's plenary session.

“The ratification of the Convention will let eliminate double taxation on the incomes of legal entities and individuals who are the residents of the contracting states by distributing the right to taxation between the contracting states. Secondly, the document enables us to strengthen and expand economic cooperation between Kazakhstan and Serbia by creating favorable conditions for investments. Thirdly, the ratification of the Convention will let us prevent  tax evasion due to exchange of information in tax issues between the relevant authorities of the two countries,” said Minister of Finance Bakhyt Sultanov.

According to him, some articles of the Convention reflect a clear order of income taxation and other payments of artists, sportsmen, civil servants, students, teachers, researchers carrying out their activity in the contracting  states.

Sultanov announced also statistical data about mutual  trade between Kazakhstan and Serbia. Commodity turnover between the two countries in the past 10 years has made $230mln ($56mln in 2015). Kazakhstan exports primarily mineral fertilisers, liquefied and associated gas to Serbia. The amount of  Serbian investments in Kazakhstan in 10 years comprised $6.4mln ($2mln in 2015).

The Convention and the Protocol to it were signed in Astana on August 28, 2015.