Turkmenistan ratifies deal with Germany to avoid double taxation

By Azernews

By Gunay Hasanova

Turkmenistan in a bid to expand its bilateral ties with Germany in the trade sphere ratified an agreement on the avoidance of double taxation with respect to income and property taxes, the Turkmen government reported.

The document signed with Germany was approved at the regular meeting of Parliament this week. The ceremony of signing was held in the framework of two-day working visit of President Gurbanguly Berdimuhamedov to Germany in August 2016.

Today, 167 investment projects and contracts with participation of the German capital in the total amount of $540 million and about 555 million euros have been registered in Turkmenistan.

The volume of trade turnover between Turkmenistan and Germany was $ 306 million in 2015.

The German companies contribute significantly to the long-term projects in Turkmenistan. These include companies such as Siemens, Daimler, Claas, Rohde & Schwarz, and Dresser-Rand.

Turkmenistan is interested in attracting  Germany’s huge capital and advanced technology.

The sides regularly hold joint business forums, which bring together representatives of the companies specializing in trade, energy, chemical industry, banking, transport, communication, construction, industry, and agriculture.

The Turkmen government has established cooperation with German company RWE, by signing a production sharing agreement (PSA) in the development of offshore fields in the Turkmen sector of the Caspian Sea in 2009.

The diplomatic relations between Turkmenistan and Germany were established in 1992. Turkmenistan and Germany successfully cooperate both bilaterally and as part of the authoritative international organizations, primarily the UN and the OSCE.