OREANDA-NEWS. June 06, 2014. Majilis approved the draft law "On ratification of the Protocol between the Government of Kazakhstan and the Government of Singapore on Amendments and Additions to the Agreement for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income" at the plenary session.

"The purpose of the Protocol is to promote cooperation through the exchange of tax information services on taxation in order to prevent tax evasion. The Protocol provides for the obligation of the contracting states to share information regardless of the Law "On the confidentiality of information". Given that the provisions of the Protocol provides for different rules than those established by the legislation of Kazakhstan, ratification of the treaty is required," Finance Minister Bakhyt Sultanov said presenting the bill.

According to him, the Protocol amends the Agreement regarding the exchange of information on tax matters in order to prevent tax evasion, as well as clarification of the distribution of the Agreement’s provisions to the central authorities of both countries.

In accordance with the Protocol, if one state requests information, the other one takes steps to collect the requested information.