Azerbaijan Eliminates Double Taxation On Income Based On Agreement With Turkiye
Date
4/23/2024 10:09:51 AM
(MENAFN- AzerNews)
Ulviyya Shahin Read more
The Parliament of Azerbaijan has recently ratified a significantagreement aimed at facilitating economic cooperation andeliminating barriers to trade and investment between Azerbaijan andTurkiye, Azernews reports.
The draft law concerning the approval of the "Agreement betweenthe Government of the Republic of Azerbaijan and the Government ofthe Republic of Turkiye on elimination of double taxation andprevention of tax evasion in relation to income taxes" wasdeliberated during a session of the Milli Majlis.
The agreement seeks to prevent double taxation of income and toestablish mechanisms for cooperation in tax matters between the twonations. By eliminating the possibility of taxing the same incomein both countries, the agreement aims to promote cross-border tradeand investment, encourage economic activities, and foster afavorable environment for businesses and individuals engaged inbilateral economic relations.
During the parliamentary session, lawmakers engaged in thoroughdiscussions regarding the terms and provisions of the agreement a comprehensive review and analysis, the document underwent avote. Subsequently, the Parliament endorsed the agreement,reflecting a consensus among the members regarding the importanceof enhancing economic ties and facilitating trade betweenAzerbaijan and Turkiye.
The approval of this agreement marks a significant milestone inthe bilateral relations between Azerbaijan and Turkiye,demonstrating their commitment to fostering closer economiccooperation and creating favorable conditions for businesses andinvestors from both countries. This development is expected tocontribute to the promotion of sustainable economic growth, jobcreation, and prosperity in the region.
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