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Azerbaijan, Saudi Arabia to sign double taxation avoidance

Staff writer |
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.

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

Six companies from Saudi Arabia carry out investment activities in Azerbaijan in the insurance, banking sector, industrial sector and services area, said Mr. Mustafayev. "The total volume of investments made by these companies in Azerbaijan's economy amounts to $368 million," he added.

"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," said Mr. Mustafayev.

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