The draft law On Ratification of Convention between the Government of the Republic of Kazakhstan and the Government of the Republic of Serbia on Avoidance of Double Taxation and Prevention of Tax Evasion with Respect to Taxes on Income and Capital and its Protocol were considered at the enlarged meeting of Senate’s Finance and Budget Committee, BNews.kz reports.

Today, the draft law On Ratification of Convention between the Government of the Republic of Kazakhstan and the Government of the Republic of Serbia on Avoidance of Double Taxation and Prevention of Tax Evasion with Respect to Taxes on Income and Capital and its Protocol were considered at the enlarged meeting of Senate’s Finance and Budget Committee and submitted for consideration of RK Parliament Senate Chamber.

“The Convention and the Protocol, signed on 28 August, 2015, in Astana, are aimed at strengthening and expansion of economic cooperation between Kazakhstan and Serbia by creating favorable conditions for investments. The Convention is the bilateral international agreement and is concluded with the purpose of avoidance of double taxation. The Party guarantees that the taxpayer pays tax only once – in one of the states-parties to the agreement. The other state accounts the paid amount of tax or excludes from the aggregate taxable income the amount, on which the tax was collected on other state”, as reported in the message of the press-office of RK Parliament Senate.

The document stipulates the provisions, in accordance with which the dividends, interests and royalties may be taxed in the state-source of income at reduced rates.