BAKU, Azerbaijan, January 23. State Revenue Service of the Republic of Latvia ensures cooperation with the Turkmenistan tax administration, a source in the Communication Department of the Ministry of Finance and International Information Exchange Department of the State Revenue Service of Latvia told Trend.
"The State Revenue Service of the Republic of Latvia ensures cooperation (including exchange of information) in direct tax matters with the Turkmenistan tax administration in accordance to the provisions of Convention between the Government of the Republic of Latvia and the Government of Turkmenistan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital," said the source.
At the same time, it was noted that the exchange of information in accordance with the Organization for Economic Cooperation and Development (OECD) regulations is not carried out, since Turkmenistan currently does not participate in the Convention on Mutual Administrative Assistance in Tax Matters.
Meanwhile, Turkmenistan and Latvia pay great attention to cooperation in the field of taxes, and the exchange of experience and best practices in tax legislation contributes to strengthening financial stability and creating a favorable business environment.
Both countries are actively cooperating in the development of effective tax mechanisms, contributing to attracting investment and developing entrepreneurship.