It has been announced that South Korea and Turkmenistan have agreed to complete a bilateral agreement for the avoidance of double taxation, including the exchange of tax information.
South Korea’s Ministry of Finance said that the agreement will be aimed at improving cooperation between the countries, particularly by way of the promotion of investment opportunities.
Once the agreement is signed, the Ministry hopes that South Korean industries will be encouraged to invest in Turkmenistan, as they will not have to suffer the double taxation of their eventual profits.
It was reported that the two countries experienced a sharp rise in trade last year, with South Korea’s exports to Turkmenistan increasing from only some USD7bn in 2007 to over USD22bn.
South Korea now has double taxation agreements with 78 countries, 74 of which are in effect.
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