Kazakhstan and India improve communication in tax sphere

Kazakhstan and India are creating a legal framework for enhancement of information exchange in the tax sphere. Appropriate provisions have been backed by validated by the Kazakhstan-Indian Inter-Government Protocol on amendments and additions to the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect of taxes on income and capital (dated December 9, 1996) signed by RoK Ambassador in India Bulat Sarsenbayev and Head of Central Department of Direct Taxes of the Indian Finance Ministry Sushil Chandra on January 6, 2017 in Delhi. The new edition of the Convention was approved by the RoK Government Decree №340 as of April 10, 2014. Along with other additions to the document, the article 27 "Exchange of Information" was supplemented with a new item which stipulates that the information received by either of the parties "may be used for other purposes" (not only associated with assessment or ley, forced collection or legal prosecution or study of appeal claims in respect of taxes). The article specifies that either of the countries shall not refuse to provide the requested information only because the information is held by a bank or any other financial institution, nominal holder or a person acting as agent or attorney, and because the information concerns the person who is vested with the right of ownership.) During the signature ceremony the parties also discussed the outlooks for cooperation in the spheres of trade, energy, promotion of investments, development of production industry, transport and logistics, mining industry and tourism in the context of EXPO-2017.