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Double taxation deal between Georgia and Saudi Arabia comes into play

Legal Vista > News  > Double taxation deal between Georgia and Saudi Arabia comes into play

Double taxation deal between Georgia and Saudi Arabia comes into play

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.

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