London: The first round of negotiations on a draft new Convention between Azerbaijan and the United Kingdom aimed at avoiding double taxation on income and preventing tax evasion took place in London. The discussions were attended by a delegation from Azerbaijan’s State Tax Service and representatives from the UK’s HM Revenue and Customs (HMRC), focusing on the main provisions of the draft convention.
According to Azerbaijan State News Agency, Orkhan Musayev, Head of the International Taxation and Tax Monitoring Department at Azerbaijan’s State Tax Service, emphasized that the Convention’s signing would significantly enhance economic relations and mutual investments between the two nations by creating a more favorable tax environment for investors. The parties reached a consensus on most provisions of the draft taxation convention.
The negotiating teams have preliminarily agreed to conduct a second round of talks in Baku this November to address outstanding issues. Additionally, the Azerbaijani delegation held a meeting with John Sherman, Director of the Business, Assets and International Department at the UK’s HM Revenue and Customs (HMRC). The meeting explored the current state and future prospects of cooperation between the tax authorities of both countries.
Both parties expressed their commitment to expanding experience exchange and strengthening cooperation in international taxation, tax administration, and combating tax offenses.