TODAY.AZ / Business

Azerbaijan, Saudi Arabia plan to sign double taxation avoidance agreement

10 December 2013 [18:05] - TODAY.AZ
Azerbaijan and Saudi Arabia plan to sign an agreement on the avoidance of double taxation on income and property, as well as tax evasion, Azerbaijani Minister of Economy and Industry Shahin Mustafayev said on Dec.10 at the Azerbaijan-Saudi Arabia business forum.

The document has been fully agreed and is ready for signing, according to Mustafayev.

"Today Azerbaijan and Saudi Arabia are closely cooperating in international organisations. Trade relations play an important role in the development of bilateral relations between the two countries and has been expanding as of the first 10 months of 2013," the minister said.

Six companies from Saudi Arabia carry out investment activities in Azerbaijan in the insurance, banking sector, industrial sector and services area, Mustafayev said.

"The total volume of investments made by these companies in Azerbaijan's economy amounts to $368 million," the minister said.

Currently there is great potential for expanding relations in the sphere of trade and investments and the business forum organised in Baku creates good opportunities for this, according to the minister.

"The intergovernmental commission plays an important role in the development of bilateral relations. During the third meeting of the intergovernmental commission to be held on Dec.11 in Baku, it is expected a protocol will be signed that envisages the development of cooperation in the spheres of economy, trade, energy, banking sector as well as in agriculture, tourism, construction and healthcare," Mustafayev said.



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