Baku, Azerbaijan, Dec. 28
By Ali Mustafayev – Trend:
Kazakhstan expects the increase of investments from Ireland through the elimination of double taxation, said the Minister of Finance of Kazakhstan Bakhyt Sultanov at the plenary session of the Kazakh parliament.
The officials of the parliament adopted the law on "Ratification of the Convention between the Government of the Republic of Kazakhstan and the Government of Ireland on the avoidance of double taxation on income taxes and the protocol to it" during the meeting.
"Presently 16 Irish companies operate in Kazakhstan on the basis of joint ventures. Of course, we create conditions for the attraction of new investment inflow. For instance, "Air Astana” company works in Ireland, teaching Irish pilots. I believe that the ratification of the Convention will help to increase the volume of investments from Ireland to Kazakhstan," Sultanov said, Kazakh media outlets reported.
According to the minister, 85 percent out of all foreign investments attracted to Kazakhstan accounts for the countries with which Kazakhstan concluded conventions on avoiding double taxation.
The volume of investments from Ireland to Kazakhstan over the past 10 years amounted to $118 million.
Sultanov added that the Convention allows to avoid double taxation of income of legal entities and individuals from the two countries, by dividing the rights of taxation between the contracting states. It also will provide an opportunity for strengthening and expanding economic cooperation between Kazakhstan and Ireland.
Separate articles of the Convention provide for the procedure for taxing the income of artists, athletes, public servants and students, working in the contracting states.
The volume of trade between the two countries over the past 10 years amounted to $1 billion. The main item of Kazakhstan's export is coal. The structure of imports is dominated by vaccines, production of beverages, perfumes and medicines.