President of Kyrgyzstan Sadyr Japarov has signed the law "On ratification of the Agreement between the Kyrgyz Republic and the Republic of Azerbaijan on the elimination of double taxation on income taxes, prevention of tax evasion and tax avoidance," Report informs.
The document is published on the website of the President of Kyrgyzstan.
The agreement was signed on April 24, 2024, in Baku and ratified by the Parliament of Kyrgyzstan on October 23, 2024.
According to the administration, the main objectives of the agreement include protecting residents of one state from discriminatory taxation in the other contracting state; preventing tax evasion and abuse of agreement provisions; mutual exchange of information between the competent authorities of the two states to ensure compliance with the agreement terms.
The agreement, in general, forms a unified approach in tax legislation between Azerbaijan and Kyrgyzstan.
Additionally, it creates favorable conditions for foreign investments in various sectors of Kyrgyzstan's economy by eliminating double taxation and providing guarantees of taxation only in one country.