Georgia, Japan discuss agreement to avoid double taxation
The main goal of signing the agreement is to increase economic cooperation between Georgia and Japan and attract more foreign investments, said Georgia’s Finance Ministry. Photo: Ministry of Finance.
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Georgia and Japan are discussing the possibilities of signing an agreement to avoid double taxation, announces the Ministry of Finance of Georgia.
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.
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 Japan and attract more foreign investments, said Georgia’s Finance Ministry.
Georgia has double taxation agreement with 56 countries.
Georgia and Saudi Arabia are increasing economic cooperation by avoiding double taxation. 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.
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.
Deputy Minister of Finance of Georgia Lasha Khutsishvili and the Deputy of Ambassador of Japan Masataka Obata have completed negotiations on a law to prevent double taxation in Georgia and Japan.