Azerbaijan, Japan eye to harmonize convention on elimination of double taxation

26 May 2021 16:48 (UTC+04:00)

By Ayya Lmahamad

Azerbaijan and Japan a discussed a new draft convention on the elimination of double taxation and prevention of tax evasion, the country’s State Tax Service’s press service has reported.

The discussion took place during a meeting between experts from the State Tax Service, representatives of Foreign and Finance Ministries and their Japanese counterparts in the videoconference format.

Acting Head of the Main Directorate for International Taxation and Tax Monitoring of the State Tax Service Orkhan Musayev stated that the signing of the new convention will create favorable conditions for investors in both countries.

“Therefore, the document is important in terms of enhancing the exchange of information and creating an effective tax environment,” he added.

During the discussions, it was noted that taking into account the fact that 2022 is the “year of friendship between Azerbaijan and Japan”, all necessary work for the full harmonization of all provisions of the new convention will be done until the next year.

As a result of the discussions, the parties fully agreed on all the provisions of the draft convention.

It should be noted that this is the second meeting held this year to discuss the draft document (the first meeting took place in February).

The network of treaties providing for the elimination of double taxation has expanded significantly in recent years. Of the 55 agreements signed by Azerbaijan, 54 have already entered into force, and one agreement will enter into force after the completion of relevant procedures.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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