Cyprus and Kazakhstan signed the agreement on Avoidance of Double Taxation

On June 20^th, the Cyprus Ministry of Finance reported that on May 30^th, 2018, the final round of negotiations with the Republic of Kazakhstan on the signing of an agreement on the avoidance of double taxation was successfully completed. Coordination of the text lasted one year.

The Agreement is based on the OECD Model Convention for the Avoidance of Double Taxation of Income and Capital and includes all necessary standards defined by the Multilateral agreement for the implementation of the Treaty for the Avoidance of Double taxation in order to prevent the erosion of the tax base and the profit shifting from taxation (BEPS).

The rate of withholding tax on income in the form of interest, dividends and royalties is established and the procedures for capital gains taxation are defined. In addition, the Agreement provides for the exchange of financial and other information between countries in accordance with the provisions of the OECD Model Convention.

On materials of the following website: http://mof.gov.cy/en/press-office/announcements/convention-between-republic-of-cyprus-and-the-republic-of-kazakhstan-for-the-avoidance-of-double-taxation-and-the-prevention-of-fiscal-evasion-with-respect-to-taxes-on-income