Majilismen approved ratification of the convention between Kazakhstan and Slovenia

Majilismen approved ratification of the convention between Kazakhstan and Slovenia

21 December, 11:24 59
Majilismen approved ratification of the convention between Kazakhstan and Slovenia

The Majilis of parliament of Kazakhstan during the plenary meeting approved the Law of Kazakhstan "On ratification of the Convention between the Republic of Kazakhstan and the Republic of Slovenia". As Minister of Finance of Kazakhstan Bakhyt Sultanov emphasized, the purpose of the convention is strengthening and expansion of economic cooperation between Kazakhstan and Slovenia by creating favorable conditions for investments, BNews.kz correspondent reports.

"The convention offered you for ratification will allow: first, to eliminate double taxation of the income of the legal entities and physical persons which are residents of contracting states by distribution of the taxation rights between contracting states.

According to the Convention dividends, percent and a royalty can be assessed with a tax in the state of emergence of the income. Other state provides it offsetting on a paid amount of a tax or excludes from the assessed cumulative income a part by which the taxation in other state is already made in other state," B. Sultanov said.

Secondly, according to him, it lays a way to strengthening and expansion of economic cooperation between Kazakhstan and Slovenia by creating favorable conditions for investments.

Thirdly, it will help to resolve issues on prevention of tax evasion through exchange of information on tax questions between competent authorities of two states.

As the minister emphasized, individual clauses of the convention reflect the accurate order of the income taxation and other payments of actors, athletes, government employees, students performing the activities in contracting states.

"Besides, I would like to stop on static data about mutual trade with Slovenia. The goods turnover between Kazakhstan and Slovenia constituted 1023.0 million dollars over the last 10 years, including in 2015 constituted 93.1 million dollars. The main article of the Kazakhstan export is ferrochrome and ferrosilicium.

Investments from Slovenia into the Republic of Kazakhstan constituted 15.8 million dollars over the last 10 years, including in 2015 - 4.2 million dollars.

Implementation of the convention will not involve finance costs from the government budget. Ratification of the convention will give an additional impulse in expansion of the economic relations between the states and will create the favorable investment climate," B. Sultanov summarized.