Daniyar Amangeldiev, the Minister of Economy of Kyrgyzstan, and his Azerbaijani counterpart, Mikail Jabbarov, finalized an agreement aimed at the avoidance of double taxation concerning income taxes on April 24, in Baku. This pact also includes measures to prevent tax evasion and tax avoidance, as reported by the press service of the Ministry of Economy and Commerce.
This agreement marks Kyrgyzstan's 37th double taxation avoidance arrangement globally, underscoring the country's ongoing efforts to enhance its fiscal frameworks in collaboration with international partners.
The primary aim of such agreements is multifaceted, focusing on the elimination of discriminatory taxation practices against the residents of the contracting states and ensuring robust mechanisms against tax evasion. These pacts facilitate the mutual exchange of pertinent tax-related information between the competent authorities of the contracting states, thus fostering a transparent fiscal environment.
In addition to enhancing regulatory cooperation, these agreements are instrumental in attracting foreign direct investment, contributing to the economic prosperity of the republic.
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