Ashgabat, Riga sign convention to avoid double taxation

Business Materials 12 September 2012 13:40 (UTC +04:00)

Turkmenistan, Ashgabat, Sept. 12 / Trend H. Hasanov /

A convention was signed between the two governments to avoid double taxation and prevent fiscal evasion with respect to taxes on income and capital within Turkmen President Gurbanguly Berdimuhamedov's official visit to Riga (September 11-12), an official Turkmen source said today.

At this stage, Turkmenistan exports mainly oil products to Latvia. Along with an increased production of hydrocarbons, Turkmenistan attaches great importance to the expansion and modernisation of the infrastructure of the refining and petrochemical industry.

A production complex for liquefied natural gas for export has recently appeared in Turkmenistan.

It was stressed that Turkmenistan can significantly increase the supply of textiles, agricultural industry production and the processing industry. The prospects of cooperation in the transport sector, high technologies, construction, pharmaceutical, communication and power engineering were emphasised.

According to the Turkmen government, the talks held in an expanded format were held in Riga. The Turkmen president stressed that Latvia's experience in the development of Riga and the Ventspils Free Ports, Liepaja special economic zone, industrial parks, as well as in the areas of banking and investment activity is interesting.

The two governments are expected to hold the talks to determine the priority areas of joint activity soon. Ashgabat proposed studying the issue of expanding the range of export-import operations given the current opportunities.