Turkmenistan ratifies deal on elimination of double taxation with Azerbaijan
Ashgabat, Turkmenistan, March 4
By Huseyn Hasanov– Trend:
The Turkmen parliament has ratified an agreement signed with the Azerbaijani government on the elimination of double taxation on income and property taxes, Trend reports with reference to a published decree of the local parliament.
The agreement itself was signed following the high-level talks in Ashgabat in November 2018. At that time, the Union of Industrialists and Entrepreneurs of Turkmenistan (UIET) and the National Confederation of the Entrepreneurs (Employers’) Organizations of Azerbaijan Republic (AEC) signed a memorandum of understanding.
It is expected that this document will contribute to the intensification of relations between the business structures of the two countries, in particular, in the area of small and medium-sized enterprises (SMEs).
In line with the state program of Turkmenistan, the share of the non-state sector of the economy in GDP should reach 70 percent until 2020. Local entrepreneurs are allowed to form joint ventures with foreign partners by raising their investments.