Azerbaijan, Syria talks on avoiding double taxation

Business Materials 27 August 2009 17:48 (UTC +04:00)
Azerbaijan, Syria talks on avoiding double taxation

Azerbaijan, Baku, Aug.27 / Trend /

The delegations of Azerbaijan and Syria hold the next round of talks to eliminate double taxation and prevent tax evasion on income and capital, the Azerbaijani Taxes Ministry said on Aug.27.

Representatives of both countries accelerated the work over a draft agreement on avoiding double taxation immediately after Syrian President Bashar al-Assad's official visit to Baku, the ministry said.

The delegation of the Syrian taxes Ministry discussed the items of the draft agreement with the Azerbaijani counterparts last week. The parties reached principle agreement on the main points of the project.

Head of the Syrian delegation, Naim Almasri, appraised a whole negotiating.

"This contract is very important for bilateral investment. Our businessmen are planning to invest in Azerbaijani economy, but it is very difficult to realize it without the treaty. We are willing to coordinate a draft treaty as soon as possible," Almasri said.

In the end of negotiations, the parties signed a memorandum. The last round of talks will be held in Syria in the near future.

Syrian President Bashar al-Assad during his visit to Baku in July reached an agreement with the President of Azerbaijan Ilham Aliyev to enhance bilateral economic ties and investments. During the visit, a business forum was held for more than 200 businessmen from Syria, and an agreement on investment promotion and protection was signed with the participation of the presidents.

Azerbaijan has already signed an agreement on avoiding double taxation and preventing tax evasion on income and capital with 39 countries. The agreements with 28 countries are in force. In 2009, Azerbaijan signed a treaty with Iran, Kuwait and Greece and the treaty signed with Luxembourg come to the power and agreements with Bulgaria, Estonia, Korea, Hungary, Qatar and Tajikistan has began to be applied .

In the near future it is planned to launch similar negotiations with Slovenia, Slovakia, Libya, Turkmenistan and Bosnia and Herzegovina.