The governments of Malaysia and Slovak have signed a protocol agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income.
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The agreement, which was inked as part of the visit by the Slovak Republic’s deputy prime minister Miroslav Lajcak, will emphasize on cooperation to avoid the incidence of double taxation on income by determining the taxing rights between two countries, reported Malaysian news publication Bernama.
The agreement will also look into the aspect of reduction in withholding tax rates on certain incomes including dividend, interest, royalty and fees for technical services on a reciprocal basis and the provision of tax certainties linked to cross-border economic activities.
The Ministry of Foreign Affairs said in a statement: "The signing of the agreement will further enhance bilateral cooperation, trade and investment between the two countries.
"The visit will provide an excellent opportunity for both sides to renew their friendship and explore ways to further strengthen the existing cooperation in various areas including trade, sports and defence."
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