Turkmenistan approves Convention ‘On Avoidance of Double Taxation’ with Estonia

Turkmenistan, Ashgabat, July 16 / Trend, H. Hasanov /

A convention between the governments of Turkmenistan and the Republic of Estonia 'On avoidance of double taxation and prevention of evasion of taxes on income' has been approved, the Turkmen government said on Monday.

The document has been approved by the Turkmen president's resolution in accordance with Article 15 of the Law of Turkmenistan 'On international treaties of Turkmenistan'.

The Convention has been adopted at an intergovernmental level on Nov.28, 2011 during Estonian Prime Minister Andrus Ansip's visit to Turkmenistan. At the same time an agreement was signed on cooperation between the chambers of commerce, which 'laid a solid foundation for partnership in a bilateral format and gave a new vector to Turkmenistan's dialogue with the countries of the European Union', the statement says.

Both countries call transport and telecommunications, trade, science and technology as promising areas of cooperation.

Estonia expressed its readiness to establish relations in the sphere of modern production, shipping and shipbuilding, as well as information and communication technologies and networks.

In particular Estonia, with its major freight and passenger ports of international importance, including Tallinn and Sillamae, announced its readiness to cooperate with the State Service for Sea and River Transport of Turkmenistan.

The shipbuilding company 'Reval Shipbuilding OU' (Estonia) earlier supplied a ship with deadweight of 4,450 tons for oil, related products and chemical product transportation worth $10.8 million for the Turkmen Navy.

In addition, Estonian companies took an interest in the modernisation of the international seaport of Caspian city of Turkmenbashi and the construction of new harbours, ranging from logistics centres to shipyards.

Negotiations focused on cooperation in the fuel and energy sector, given Estonia's growing need for energy resources and Turkmenistan's hydrocarbon potential. Representatives of the companies Esti Energy, Repo Vabrikud, Olympic Entertainment Group, Tallinn Port, Defendek visited Ashgabat.

Turkmenistan is interested in attracting investments, development of systems of railway, road, sea and air transport, logistics, tourism and in entering the Estonian market where Turkmen manufacturers could establish exports of refined products and petrochemicals and other competitive products, including textiles and carpets.