BAKU, Azerbaijan, Nov. 3
By Tamilla Mammadova – Trend:
The Ministry of Finance of Georgia and the Embassy of Japan in Georgia have reached an agreement on a law to prevent double taxation in Georgia and Japan, Trend reports via Georgian media.
The Convention between Georgia and Japan for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance’ will replace the tax convention between the government of Japan and the government of the Union of Soviet Socialist Republics for the avoidance of double taxation with respect to taxes on income which entered into force in 1986.
Henceforth, the double tax convention between Georgia and Japan will be based on the new document, which will promote enhanced economic cooperation between the two countries and attract investment.
According to the National Statistics Office of Georgia (Geostat), foreign direct investment of $68.3 million has flowed from Japan to Georgia in the last 5 years. The volume of FDI in different sectors was different over the years.
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