The union cabinet gave its assent to amend a double taxation avoidance deal signed with the central Asian country of Turkmenistan in 1997 through a protocol and for the prevention of fiscal evasion as per taxes on income and on capital.
- For internationally accepted axioms for active exchange of information on taxmatters plus bank information details and the information received from Turkmenistan in the matter of a resident of India can be shared with other law enforcement agencies with authorisation of a competent authority of Turkmenistan and vice versa.
- For ‘Limitation of Benefits’ article as an anti-abuse provision marked at preventing misuse of the convention.
Double taxation:
Double taxation occurs when an individual is required to pay two or more taxes for thesame income, asset, or financial transaction in different countries. It occurs basically due to overlapping tax laws and regulations of the countries where an individual operates his business.
Key points :
- Turkmenistan Capital,currency: Ashgabat, Manat
- President: Gurbanguly Berdimuhamedow
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