Tax treaty with Kazakhstan

Cyprus and Kazakhstan have concluded a convention on avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income, a press release from the Ministry of Finance said Wednesday.
 
“On May 30th, 2018, the successful final round of negotiation within the conclusion of the negotiation of the Convention for the Avoidance of Double Taxation and the Prevention of Tax Evasion on Income Taxes between the Republic of Cyprus and the Republic of Kazakhstan, took place. The agreed text was the result of intensive negotiations lasted one year” the Ministry noted.
 
It said that the agreement “aims to avoid double taxation of both States’ residents, through comparable privileged provisions” and is expected to contribute to further developing trade and economic relations between the two countries, as well as with other jurisdictions.
 
The agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital and provides for a withholding tax rate for interest, dividend and royalty income, as well defines the treatment of the capital gains tax. It is also envisaged to exchange banking and other information in accordance with the relevant Article of that Model.
 
“Enhancing as well as, broadening the existing network of Double Tax Avoidance Agreements, play a key role for economic activity and enhancing political relations” said the Ministry.