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Majilis, a lower chamber of Kazakhstan's Parliament has ratified the Agreement to Avoid Double Taxation between Kazakhstan and Qatar, Tengrinews reports citing Bnews.kz.
Majilis, a lower chamber of Kazakhstan's Parliament has ratified the Agreement to Avoid Double Taxation between Kazakhstan and Qatar, Tengrinews reports citing Bnews.kz.
Double taxation occurs when tax is levied by two or more jurisdictions on the same declared income in the case of income taxes, asset in the case of capital taxes, or financial transaction in the case of sales taxes.
The agreement was signed on January 19, 2014 by Kazakhstan’s President Nursultan Nazarbayev and Emir of Qatar Tamim bin Hamad Al Thani who was on his official visit to Kazakhstan.
The agreement is aimed at strengthening the economic cooperation between the two countries as well as attracting investors through the creation of favorable investment climate.
Tax treaty between Kazakhstan and Qatar applies to persons who are residents of one of the treaty countries, with respect to income taxes imposed by a contracting state, central or local authorities, irrespective of the manner in which they are levied.
The agreement regulates the taxation of income generated from real estate, business, profits from ships or aircrafts exploited in international transportation, as well as the profits from the participation in a pool, a joint business or international organizations on exploitation of vehicles. The document also envisages the control of taxation of the profits from operation of associated enterprises, from dividends, from interest payments, profit from the use of, or the right to use the software, any copyright of literary, artistic or scientific work, any patent, trade mark, design or model, plan, secret formula or process.
By Assel Satubaldina
