Georgia-Belarus avoid double taxation, establish customs cooperation
Georgia and Belarus are stepping up their bilateral cooperation in taxation, customs affairs, and a number of other avenues.
Representatives of both countries today signed a cooperation agreement on avoidance of double taxation, prevention of evasion of income and capital taxes, which would act as a basis for further talks.
Double taxation is the levying of tax by two or more jurisdictions on the same declared income (in the case of income taxes), assets (in the case of capital taxes), or financial transaction (in the case of sales taxes). This double liability is often mitigated by tax treaties between countries.
The agreement was signed by Georgia’s Finance Minister Nodar Khaduri and Belarusian Minister of Foreign Affairs Vladimir Makei.
The agreement also included cooperation and mutual assistance in customs issues.
The main goal of signing the agreement was to increase economic cooperation between the countries and attract more investments, noted Georgia’s Foreign Ministry.
Belarus is one of the most important trade-economic partners of Georgia. From 2010-2014, the volume of trade turnover between the countries amounted to $303 million USD. Of this, the value of Georgia’s exports exceeded $142 million USD. Furthermore, from 2010-2014, the Foreign Direct Investments implemented in both countries reached $132,000 USD.
Currently Georgia has treaties with 47 countries to ensure the avoidance of double taxation, and customs cooperation agreements with 16 countries.