2024-05-09 08:11:11
As previously reported, President of Azerbaijan Ilham Aliyev signed the law “On approval of the Agreement between the Government of the Republic of Azerbaijan and the Government of the Republic of Turkey on the abolition of double taxation in relation to income taxes and the prevention of tax evasion.”
According to the document, the “Agreement between the Government of the Republic of Azerbaijan and the Government of the Republic of Turkey on the abolition of double taxation in relation to income taxes and the prevention of tax evasion”, signed on February 19, 2024 in the city of Ankara, was approved.
This agreement strengthens economic cooperation between the two countries, allowing companies from both countries to invest more and participate more in mutual trade.
As expert economist Eldaniz Amirov told Trend, Turkey has become the 56th country with which Azerbaijan has concluded such an agreement, Day.Az reports.
“Non-residents, when operating in the territory of another country and receiving income, pay tax to the extent provided for by the legislation of that country. Then they pay income tax provided for by the legislation of their country. With the signing of this agreement, when the non-resident returns to his country, he is exempt from paying this tax in their own country. That is, a non-resident pays tax once. And this is definitely one of the main factors that creates favorable conditions for business activity. And most importantly, it also stimulates the activities of foreign entrepreneurs (non-residents) in the country. as non-residents. At the same time, it will stimulate the activities of Azerbaijani entrepreneurs. This will contribute to the growth of trade turnover, improvement of the investment climate, and increase employment in both countries,” he said.