Tashkent, Uzbekistan (UzDaily.com) -- The President of Kazakhstan Nursultan Nazarbaev signed a law on ratification of the protocol between the governments of Kazakhstan and Uzbekistan on introducing amendments and additions to the agreement on avoidance of double taxation of income and property from 12 June 1996.

The protocol was signed in Astana on 23 March 2017 and is aimed at developing cooperation between the tax services of both countries by exchanging information and revising certain provisions of the Agreement for the taxation of certain types of income.

The document envisages:

• changing the provisions aimed at preventing tax evasion by increasing the exchange of information, assistance in collecting taxes;
• clarification of the provisions of the article determining the criteria for the formation of a permanent establishment by a non-resident;
• changing a number of terms and clarifying the names of Kazakhstan taxes to which the Agreement applies;
• changing articles governing the taxation of dividends, interest, royalties, increase in the value of property, independent personal services and other income.

The protocol guarantees the relative stability of tax relations, prevents double taxation of income and, thereby, allows for establishment of closer economic ties between the two states.