Double taxation deal between Georgia and Saudi Arabia comes into play
Georgia and Saudi Arabia signed double taxation avoidance deal in March 2018. Photo: Ministry of Finance of Georgia.
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A double taxation avoidance deal signed between Georgia and Saudi Arabia in March 2018 is coming into play today.
This means that people or businesses working abroad in either country will not have to pay taxes in both countries, and will instead pay income and capital taxes in only one.
The deal was signed in Saudi Arabia last year.
Double taxation is the levying of tax by two or more jurisdictions on the same declared income (income taxes), assets (capital taxes), or financial transaction (sales taxes). This double liability is often mitigated by tax treaties between countries.
The main goal of signing the agreement is to increase economic cooperation between Georgia and Saudi Arabia and attract more foreign investments, said Georgia’s Finance Ministry.
Currently Georgia has treaties with over 56 countries to prevent double taxation.
Recently Georgia signed the same agreement with Moldova, Liechtenstein, Kyrgyzstan, South Korea and Iceland.
A double taxation avoidance deal signed between Georgia and Moldova in November 2017 is coming into play today.
Georgia and Liechtenstein are increasing economic cooperation by avoiding double taxation, meaning that people or businesses working between the two countries will be free from income and capital taxes.
Georgia and Kyrgyzstan are increasing economic cooperation by signing an agreement on avoidance of double taxation.
South Korea is increasing its financial assistance to Georgia. The Korea International Cooperation Agency gifted Georgia’s Foreign Ministry computer equipment worth $100,000 USD (slightly less than 240,000 GEL).
A double taxation avoidance deal between Georgia and Japan is coming into force starting today, reports the Georgian Ministry of Finance.
A deal between Georgia and Poland coming into force today will allow individuals and businesses operating in either country to only pay a single tax while also combating tax avoidance, the Georgian Ministry of Finance said on Monday.