Double taxation avoidance agreement between Turkmenistan, Switzerland comes into force

Photo: Double taxation avoidance agreement between Turkmenistan, Switzerland comes into force
 / Turkmenistan

Ashgabat, Turkmenistan, Dec. 25

By Huseyn Hasanov - Trend:

Double Taxation Avoidance Agreement (DTAA) between Switzerland and Turkmenistan has come into force, according to Swiss media outlets.

"The conclusion of the agreement with Turkmenistan is more than a remarkable success of Swiss diplomacy. The point is that, not every European country has a DTAA with this Central Asian country. Accordingly, Switzerland now will get an extra advantage compared to other countries in the investments in Turkmenistan, as well as in attracting deposits and assets of its citizens," Swiss media outlets said.

Provisions of the agreement will be applied starting from January 1, 2014.

In October 2012, Swiss city of Bern hosted the ceremony of signing bilateral documents, following talks between Turkmenistan and Switzerland, held at the highest level and in an enlarged composition. Presidents of Turkmenistan and Switzerland, Gurbanguly Berdimuhamedov and Eveline Widmer-Schlumpf signed the convention on avoidance of double taxation with regard to taxes on income and capital.

Turkmenistan is interested in cooperation with Switzerland in such areas as mechanical engineering, chemistry, textile sphere, electrical and electronics spheres and pharmaceutical industry.

Translated by E.A.

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