Hungary, Turkmenistan sign double taxation avoidance agreement
Hungary’s State Secretary for Economic Development and Regulation István Lepsényi and Turkmenistanʼs Minister for Economy and Development Bazarov Batyr signed a double taxation avoidance agreement yesterday in Budapest, according to reports.
Hungary and Turkmenistan initiated negotiations on the matter last year to allow for a more transparent and favorable business and legal foundation that would in turn spur capital investments, the ministry said, according to state news agency MTI.
The process of improving both cultural and economic ties between the two countries has been in the works for over two years. The signing of the agreement was preceded the day before by the second meeting of the Hungarian-Turkmen Economic Cooperation Intergovernmental Committee and a forum of business leaders from both countries, MTI reported.