OREANDA-NEWS. July 14, 2014. Deputy Prime Minister - Finance Minister Bakhyt Sultanov and head of the Federal Ministry of Finance of Switzerland Eveline Widmer-Schlumpf have signed the Memorandum of Understanding and Cooperation between the financial authorities of Kazakhstan and Switzerland.

"Memorandum on Cooperation between our two ministries has been concluded. The point is that direct interaction of units and committees will be provided in different areas - customs matters, ensuring tax transparency, treasury issues, public procurement. This is a very important direction to the exchange of experience, introduction of the best world standards in areas where Switzerland has succeeded as a developed European country," B. Sultanov said.

In addition, there was an exchange of letters on the expanded interpretation of the Convention’s provisions on double taxation avoidance between the two countries.

"This exchange of documents will provide for a correct interpretation of our cooperation in the framework of the Convention on double taxation avoidance. This interpretation requires that businessmen and public organs can properly understand and use the provisions of the Convention," B. Sultanov added.

He recalled that more than 40 countries providing about 95% of the republic’s total turnover signed the documents on double taxation avoidance with Kazakhstan.

In addition, the meeting of Widmer-Schlumpf with Prime Minister Karim Massimov, the authorities of Foreign Affairs Ministry of Kazakhstan and JSC "National Company "Astana EXPO-2017" has been held during the visit.

The meeting focused on the prospects for further cooperation in the framework of Kazakhstan's participation in the Swiss subgroup of the IMF and WB, as well as participation of Switzerland in the international exhibition EXPO 2017.