Azerbaijan, Israel to ink double taxation accord
By Nigar Orujova
Azerbaijan and Israel are going to sign an agreement on avoiding double taxation, Director of the Israeli Institute of Export told journalists during his visit to Baku on February 13.
"We have held a meeting with head of the Azerbaijani Investment Promotion Foundation Rufat Mammadov," Ramzi Gabai said. "As a result, a decision was made to intensify bilateral cooperation."
"Besides, we will start working on signing one more agreement in the field of standardization. I hope that we will be able to complete the work on both documents this year," he added.
Israel can bring new technologies to Azerbaijan, Gabai said.
"It is about different spheres, including medicine, mobile technologies, agriculture, and food industry. Our companies are interested in investing in the chemical and technological parks which are under construction in Azerbaijan. At the same time, we can learn something from you; Israel is interested in Azerbaijan's experience in the energy sphere, particularly oil and gas industries," Gabai added.
Azerbaijan's State Customs Committee has reported that trade turnover between Azerbaijan and Israel in 2013 reached $1.28 billion. Azerbaijan exported $1.26 billion worth of products to Israel last year, while Israel's exports to Azerbaijan amounted to $17.59 million.
Azerbaijan also plans to sign an agreement on the avoidance of double taxation with seven European Union countries. To date, the country has had double taxation avoidance agreement with 20 of the 28 EU member states.
Negotiations on the agreements with Spain and Denmark have been completed, and talks are underway with Portugal, Sweden, Malta, Ireland, and Slovakia.