Bishkek, Nov.19, 2024. /Kabar/. President of Kyrgyzstan Sadyr Zhaparov Sadyr Zhaparov signed the Law of the Kyrgyz Republic “On Ratification of the Agreement between the Kyrgyz Republic and the Slovak Republic on the Elimination of Double Taxation with Respect to Taxes on Income and Prevention of Tax Evasion and Avoidance, signed on March 13, 2024 in Bishkek”.
The Law was adopted by the Jogorku Kenesh on Oct.23, 2024.
The purpose of this Law is to fulfill the domestic procedures necessary for the entry into force of the above agreement by the two countries.
The agreement is regarded as a means of attracting foreign direct investment in the economy of Kyrgyzstan and creates conditions for foreign companies to invest in various sectors of the economy of our country by eliminating double taxation and providing guarantees of taxation in one country only.
In addition, the main objectives of this agreement are protection of a resident of one state from discriminatory taxation in the other contracting state, prevention of tax evasion or abuse of the provisions of the agreement, mutual exchange of information between the competent authorities of the contracting states to ensure the implementation of the provisions of the agreement.