Kyrgyzstan and Slovakia Sign Agreement to Eliminate Double Taxation

Photo: legendfinancial.co.uk

President of Kyrgyzstan, Sadyr Japarov, has signed the law "On the Ratification of the Agreement between Kyrgyzstan and the Slovak Republic on the Elimination of Double Taxation with Respect to Income Taxes and the Prevention of Tax Evasion and Avoidance,"  according to the press service of the head of state, The Caspian Post reports citing foreign media.

The agreement is aimed at attracting foreign direct investment in the economy and creating conditions for foreign companies to invest in various sectors of the economy by eliminating double taxation and providing guarantees of taxation in only one country.

«In addition, the main objectives of this agreement are the protection of a resident of one state from discriminatory taxation in another contracting state, prevention of tax evasion or abuse of the provisions of the agreement, mutual exchange of information between the competent authorities of the contracting states to ensure the implementation of the provisions of the agreement,» the statement says.

In addition, the agreement will increase trade turnover and investment between the countries, the press service added.