TAX NEWS - June 2010

Switzerland and Georgia sign Double Taxation Agreement

Prime Minister of Georgia, Nika Gilauri, has announced that he has signed an agreement for the avoidance of double taxation with President of Switzerland, Doris Leuthard, during an official visit to the country.

Double Taxation Agreement was in the field of income tax and assets and does not contain a provision of the exchange of information. This is the first such agreement signed between the countries.

"This agreement will facilitate the inflow of new investments from Switzerland," said Gilauri. "Georgia is an important partner in the Nabucco [pipeline] project, since the pipeline will pass through Georgia. We are interested in finding common interests and to significantly invest in Georgia. We are ready for closer cooperation," added Leuthard.