Malaysia, Kazakhstan sign agreement

Kazakhstan Materials 27 June 2006 13:56 (UTC +04:00)

(StraitsTimeOnline) - Malaysia-Kazakhstan bilateral relations have taken another step forward, with both countries inking an agreement to strengthen ties in several key areas.

The two Governments yesterday signed the Avoidance of Double Taxation and Prevention of Fiscal Evasion (with respect to) Taxes on Income, reports Trend.

With the agreement, Kazakhstan became Malaysias 64th (and the 18th OIC member) tax-treaty partner.

Prime Minister Datuk Seri Abdullah Ahmad Badawi and Kazakhstan President Nursultan Abishuly Nazarbayev witnessed the signing of the agreement between Second Finance Minister Tan Sri or Mohamed Yakcop and Kazakhstan Foreign Minister Kassymzhomart Tokaev.

The Finance Ministry, in a statement, said the agreement would help avoid double taxation on income such as business profits, dividends, interests and royalties derived in Malaysia and remitted to Kazakhstan and vice-versa.

"The other main objective of the agreement is to avoid fiscal evasion with respect to taxes through mutual agreement procedures and exchange of information between the two countries," the statement said.

"The conclusion of the agreement strengthens bilateral relations between the two countries in trade and investment as well as social and cultural affairs."

It is learnt that Kazakhstan expressed its desire to model its new capital city, Astana, after Putrajaya.

Nazarbayev later led his delegation to a briefing by the Putrajaya Corporation.

They earlier visited the National Registration Department for a briefing on MyKad technology.