By Azernews

By Ayya Lmahamad

Azerbaijan and Singapore have discussed a draft agreement on avoiding double taxation and preventing tax evasion with regard to income and property taxes, Azernews reports.

The discussion took place between experts from Azerbaijan's State Tax Service and Finance Ministry, and experts from Singapore's Inland Revenue Authority, during the meeting held in Singapore.

During the meeting, it was stressed that the signing of the agreement will create favorable conditions for investors in both countries and form effective ties for the exchange of information.

The sides agreed to make an effort to reach an agreement on the remaining provisions as soon as possible.

Diplomatic relations between Azerbaijan and Singapore were established on August 15, 1994. The embassy of Azerbaijan in Singapore has been operating since 2012. The trade turnover between the two countries amounted to $19 million in 2021.