Azerbaijan, UK hold talks on draft Convention to eliminate double taxation
Baku, June 10, AZERTAC
The first round of negotiations on a draft new Convention between Azerbaijan and the United Kingdom on the avoidance of double taxation with respect to taxes on income and the prevention of tax evasion was held in London.
During the event, attended by the Azerbaijani delegation from State Tax Service and authorized representatives from the UK's HM Revenue and Customs (HMRC), discussions revolved around the main provisions of the draft convention.
Orkhan Musayev, Head of the International Taxation and Tax Monitoring Department at Azerbaijan’s State Tax Service, noted that the signing of the Convention would contribute significantly to the development of economic relations and mutual investments between the two countries, enabling more favorable tax environment for investors.
Subsequently, the sides agreed on majority of the provisions of the draft convention on taxation.
The parties have reached a preliminary agreement to hold the second round of talks in Baku this November to continue discussing the remaining issues.
As part of the visit, the Azerbaijani delegation also met with John Sherman, Director of the Business, Assets and International Department of the UK's HM Revenue and Customs (HMRC). The meeting featured discussions on the current state and prospects of cooperation between the two countries’ tax authorities.
The parties agreed to expand the exchange of experience and further strengthen cooperation in the fields of international taxation, tax administration, as well as the fight against tax offenses.
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