AGREEMENT BETWEEN THE GOVERNMENTS OF THE STATE PARTIES OF COMMONWEALTH OF INDEPENDENT STATES

of March 13, 1992

About the agreed principles of tax policy

The governments of the State Parties of the Commonwealth of Independent States which further are referred to as with "Parties"

understanding need of carrying out the coordinated radical economic reforms, considering in this regard the increasing role of taxes in the conditions of development of full-fledged market mechanisms,

aiming to abstain from the actions causing economic damage each other

agreed as follows:

Article 1

The parties shall pursue the approved tax policy on the basis of unification of the principles and rules of the taxation and to apply the single list of the main taxes infringing on interests of all states entering the Commonwealth to provide interest in investment and other forms of financial and economic activities in the territory of all State Parties of the Commonwealth of Independent States.

The parties will apply the following main taxes in the territory:

a) direct taxes:

the income tax (income) of the companies, associations, the organizations and their branches irrespective of patterns of ownership;

the income tax from physical persons;

b) indirect taxes:

value added tax;

excises.

Article 2

The parties will coordinate at least following provisions of the legislation on the taxes mentioned in Article 1 of this agreement on the basis of rapprochement and unification:

a) in the field of the income tax (income) of the companies, associations, the organizations and their branches - rules of determination of subjects and the taxation objects and accounting treatment for production costs and sales of products;

b) in the field of the income tax from physical persons - the principles of determination of the leviable income and income, non-taxable;

c) in the field of the value added tax - application of single rate of tax and the unified procedure for calculation and payment of this tax.

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