Turkmenistan, Hungary agree on avoidance of double taxation

/By Azernews/

By Nigar Abbasova

Turkmenistan and Hungary have signed an intergovernmental convention on the economic cooperation aimed at the avoidance of double taxation and the prevention of fiscal evasion, Turkmenistan’s Foreign Ministry reported.

The signing took place a day after the second meeting of the Hungarian-Turkmen Intergovernmental Committee on Economic Cooperation and a forum of business leaders from both countries held in Budapest.

The agreement provides for more favorable and transparent business doing, as well as legal foundation for investors from both countries. The convention is expected to foster economic ties between the two countries and increase the capital investments.

Diplomatic relations between the two countries were established in 1992. Hungarian companies are currently active in Turkmenistan in such sphere as pharmaceutics, transport and logistics as well as the agriculture. The Hungarian products are in demand in Turkmenistan, especially agricultural products, textile and the transportation means.

Hungary is interested in the increase of import of products of chemical industry as well as oil and gas refining from Turkmenistan. Bilateral trade turnover rates exceeded the level of $37 million in 2015.