Kazakhstan and Ireland signed a convention on avoidance of double taxation

Almaty. April 27. Silkroadnews – Kazakhstan’s Minister of Finance Bakhyt Sultanov and Ambassador of Ireland to Kazakhstan Adrian McDaid signed a convention on avoidance of double taxation and prevention of fiscal evasion with respect to income taxes between the two states’ governments and a protocol to the convention, press office of the Kazakhstani Finance Ministry said.

“The convention allows: first, avoiding double taxation of income of legal entities and individuals residents of the contracting states, through sharing the rights of taxation between the contracting states; second, paving the way to strengthen and expand the economic cooperation between Kazakhstan and Ireland through building the favorable investment environment; third, contributing to solve the problems of preventing tax evasion through the exchange of information on tax issues between the competent authorities of the two states”, the statement by the ministry’s officials said.

With this it is also noted that the convention guarantees a relative stability of tax relations, avoids double taxation of income and thereby allows for closer economic ties between the two states. The officials of the Ministry of Finance emphasize the important role of this tax convention as a legislative base for taxation issues between the two states.
The convention provisions prevail over the national legislation.

As the convention provisions contain different norms than those ones provided by the laws of the Republic of Kazakhstan, the convention is a subject to ratification, the statement said.