President of Uzbekistan Islam Karimov ratified a protocol on introduction of changes and amendments to the agreement between Uzbekistan and Germany on avoiding double taxation in relation to income and property taxes on 13 August 2015.
Uzbekistan and Germany signed the agreement on 7 September 1999 and the protocol to the agreement was inked on 14 October 2014.
The law “On ratification of the protocol on introduction of changes and amendments to the agreement between Uzbekistan and Germany on avoiding double taxation in relation to income and property taxes from 7 September 1999 (Berlin, 14 October 2014)” was passed by the Legislative Chamber on 25 June 2015 and approved by Senate on 7 August 2015.
The Protocol envisages introduction of amendments to the existing agreement, aimed at expanding bilateral cooperation in the exchange of information and mutual assistance in the tax sphere.
The protocol will enhance the efficiency of the exchange of tax information between the two countries, combating various abuses in the payment of taxes, as well as the timely receipt to the budgets of two states.