Azerbaijan, Baku, Sep. 12 / Trend E. Kosolapova/
The Kazakh Senate (the Parliament's upper chamber) ratified an intergovernmental convention on avoidance of double taxation and prevention of income taxes evasion with the United Arab Emirates (UAE) on Thursday, Novosti-Kazakhstan news agency reported.
The convention is aimed at strengthening and expanding the economic cooperation between Kazakhstan and the UAE through creation favorable environment for investments.
The Convention is applied to all taxes imposed on total income or on elements of income, including taxes on gains from the alienation of movable or immovable property, taxes on the total amounts of wages or remuneration paid by enterprises, as well as taxes on accretion to the capital.
According to some rules of the Convention, dividends, interests and royalties may be taxed in the source country of income at a reduced rate.
According to the Convention, the legal permanent resident of one of the agreed countries may be exempted from income tax in the other country if he carries on business without creating permanent institution.
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