Azerbaijan eliminates double taxation on income based on agreement with Turkiye

The Parliament of Azerbaijan has recently ratified a significant agreement aimed at facilitating economic cooperation and eliminating barriers to trade and investment between Azerbaijan and Turkiye, Azernews reports.

The draft law concerning the approval of the "Agreement between the Government of the Republic of Azerbaijan and the Government of the Republic of Turkiye on elimination of double taxation and prevention of tax evasion in relation to income taxes" was deliberated during a session of the Milli Majlis.

The agreement seeks to prevent double taxation of income and to establish mechanisms for cooperation in tax matters between the two nations. By eliminating the possibility of taxing the same income in both countries, the agreement aims to promote cross-border trade and investment, encourage economic activities, and foster a favorable environment for businesses and individuals engaged in bilateral economic relations.

During the parliamentary session, lawmakers engaged in thorough discussions regarding the terms and provisions of the agreement. After a comprehensive review and analysis, the document underwent a vote. Subsequently, the Parliament endorsed the agreement, reflecting a consensus among the members regarding the importance of enhancing economic ties and facilitating trade between Azerbaijan and Turkiye.

The approval of this agreement marks a significant milestone in the bilateral relations between Azerbaijan and Turkiye, demonstrating their commitment to fostering closer economic cooperation and creating favorable conditions for businesses and investors from both countries. This development is expected to contribute to the promotion of sustainable economic growth, job creation, and prosperity in the region.