Belarus, Turkmenistan sign protocol on tax terms for investors

MINSK, 22 November (BelTA) – The tax authorities of Belarus and Turkmenistan have signed a protocol that guarantees unchangeable tax terms for investors from the two countries, the press service of the Ministry of Taxes and Duties of Belarus told BelTA commenting on the protocol to the convention on avoidance of double taxation with respect to taxes on income and property (capital) between the governments of Belarus and Turkmenistan.

The document was signed in Ashgabat by Minister of Taxes and Duties of Belarus Mr Vladimir Poluyan and Finance Minister of Turkmenistan Mr Dovletgeldy Sadykov. The protocol aims to clarify individual regulations related to tax administration while applying the convention on avoidance of double taxation, the ministry informed.

The protocol specifies the criteria of permanent representation of a company and the ways to calculate profit the permanent representation earns from selling goods, property, intangible assets or carrying out business operations in the case when works to implement a construction project are carried out on the territory of the two states. Thus, the document aims to create conditions for expanding economic ties between economic operators of Belarus and Turkmenistan, because it guarantees unchangeable tax regulations for a long period of time.