Welcome to the Blog – Azerbaijan and Türkiye Sign Agreement to Abolish Double Taxation!
BAKU, Azerbaijan, May 6. Exciting news coming out of Azerbaijan as President Ilham Aliyev has recently signed a groundbreaking law. The law, titled “On Approval of the Agreement between the Government of Azerbaijan and the Government of Türkiye on the Abolition of Double Taxation in Respect of Taxes on Income and Prevention of Tax Evasion,” promises to strengthen economic ties between the two nations. Trend reports that this agreement, signed on February 19, 2024, in Ankara, has been officially approved.
This agreement paves the way for increased economic cooperation between Azerbaijan and Türkiye, opening up new opportunities for companies in both countries to invest and engage in mutual trade. Notably, this marks the 56th agreement of its kind for Azerbaijan, showcasing the country’s commitment to fostering international business relationships.
Renowned Azerbaijani expert Eldaniz Amirov weighed in on the significance of this agreement, stating, “Non-residents engaged in activities in another country no longer have to worry about double taxation. With this agreement, they are exempt from paying taxes in their home country, resulting in a more favorable environment for entrepreneurial activities.”
Amirov also highlighted the positive impact this law will have on Turkish and Azerbaijani entrepreneurs, predicting a boost in trade turnover, an enhanced investment climate, and increased employment opportunities in both nations.
With this landmark agreement in place, both Azerbaijan and Türkiye are poised to experience a surge in economic cooperation and growth. Stay tuned for more updates on this exciting development from Trend News Agency’s WhatsApp channel!