President Inks Treaty between Slovakia and Kyrgyzstan to Prevent Double Taxation

Bratislava, October 3 (TASR) - President Peter Pellegrini ratified an agreement between Slovakia and Kyrgyzstan on preventing double taxation and tax evasion on Wednesday, according to information published by the President's Office on its website. By ratification, the president fully confirmed an agreed international treaty and expressed his consent for Slovakia to be bound by it. The aim of the treaty is to create a legal framework for developing mutually beneficial economic relations. By applying it, the right to tax income will be objectively divided between the two contracting countries, explained the Finance Ministry. The agreement addresses the overlapping of the Slovak and Kyrgyz tax systems and eliminates an excessive tax burden that would arise from double taxation of the same income if there was no such agreement, added the ministry. EU law doesn't regulate the conclusion of agreements on preventing double taxation, which are exclusively within the powers of individual member states. ko/df