BAKU, Azerbaijan, July 13
By Ilkin Seyfaddini - Trend:
Two agreements between Uzbekistan and Turkey came into force on July 9, 2020, Trend reports citing the Ministry of Foreign Affairs of Uzbekistan.
An intergovernmental agreement on mutual promotion and protection of investments, signed during the visit of the president of Uzbekistan to Turkey on 25 October 2017, entered into force on July 9, 2020.
The agreement defines legal framework for protecting the rights of investors, facilitating the inflow of capital and technology, and the free flow of remittances.
The document replaces the previous intergovernmental agreement of 28 April 1992 and is aimed at improving the procedure of mutual promotion and protection of investments, taking into account current realities.
"The Agreement creates a firm basis for the inflow of mutual investments into the economies of the two countries and will also increase the investment attractiveness of both countries for potential foreign investors," the message said.
Also on July 9, 2020 the Protocol on amendments and additions to the intergovernmental agreement on avoidance of double taxation of income of May 8, 1996, signed during the visit of president of Uzbekistan to Turkey on October 25, 2017, entered into force.
The document provides for an updated procedure for the exchange of information between the competent authorities of the two countries, as well as the agreement was amended with a new norm on assistance in tax collection.
The amendments are aimed at ensuring tax transparency, which helps to increase efficiency in the fight against tax evasion by individuals and legal entities of the two countries.
"These amendments and completions are conditioned by the need to improve the legal framework and to adjust the provisions of the Agreement to the current tax legislation of the two countries," the message said.
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