Kazakh Senate OKs agreement on double taxation avoidance with Vietnam

ASTANA. KAZINFORM - The draft law "On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the Socialist Republic of Vietnam for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income" has been endorsed by Senate, the upper chamber of the Kazakh Parliament, at the plenary session today.

Kazakhstan's Minister of Finance Bakhyt Sultanov introduced the bill and said that ‘the agreement is called to strengthen and expand economic cooperation between Kazakhstan and Vietnam by creating favorable conditions for investments'. In his words, it envisages the avoidance of double taxation for businesses and individuals of both Kazakhstan and Vietnam. The agreement also stipulates exchange of information between tax agencies of the two countries. The two-way trade between Kazakhstan and Vietnam totaled $272 million in 2014.