11:53 - 17.01.2018

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January 17, Fineko/abc.az. The Kazakh parliament ratified yesterday the protocol between the governments of Azerbaijan and Kazakhstan on the double taxation avoiding & prevention of tax evasion with respect to income and property taxes.

Finance Minister Bakhyt Sultanov of Kazakhstan stated that ratification of the protocol will help foster cooperation of both states’ tax authorities through enhanced exchange of information.

"Also, ratification of the protocol will allow applying the national laws when revealing tax evasion and abuse of provisions of the Convention," he underlined.

The Kazakh minister also stressed the important role of the protocol of the legislative base in the questions of taxation matters between the two countries.

"Kazakhstan-Azerbaijan trade turnover over the last 10 years has reached $2.8 bn. The main articles of Kazakhstan’s export are wheat, crude petroleum products, rolled iron. As for our country, we import sugar and hazelnuts from Azerbaijan. Azerbaijan’s investments in Kazakhstan for the past 10 years amounted to $168 million, while Kazakhstan invested approximately $20 million in Azerbaijan. Implementation of the protocol will not require expenditures from the budget," Sultanov emphasized.