Kazakhstan And Oman To Abolish Double Taxation For Businesses
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Kazakhstan and Oman plan to abolish double taxation for businesses and investors, Orda.kz reports.
Senator Sultanbek Makezhanov announced the measure during a Senate meeting. According to him, the law should simplify tax conditions for companies and citizens of both countries.
The main purpose of the law is to strengthen and expand economic cooperation between Kazakhstan and Oman, as well as create favorable investment conditions by eliminating double taxation of income for individuals and legal entities of the two countries,Makezhanov said.
He added that the law will also help counter tax evasion.
The law will expand the legal framework between Kazakhstan and Oman, help eliminate double taxation, and ensure compliance with international standards in combating tax evasion,Makezhanov said.
The agreement covers tax residency, rules for permanent establishments of companies, distribution of taxable income, including dividends, interest, royalties, and business income, mechanisms for exchanging tax information, and measures against tax evasion.
The Senate approved the law ratifying the agreement between Kazakhstan and Oman on avoiding double taxation and preventing tax evasion on income and capital in the first reading.
Original author: Alina Elgeldina
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