Title
Turkmenistan and UK tax treaty
Pub Date
30/06/2016
Category
Overseas tax issues
Character
Number
Summary

The UK signed a new Double Taxation Conventions with Turkmenistan on 10 June 2016. The agreement will be effective in the UK for income tax, capital gains tax and corporation tax and for taxes in Turkmenistan on profits (income) of juridical persons and on the income of individuals.

The new convention generally incorporate the latest standards on business profits, exchange of information and assistance in collection of taxes. The agreements generally follow the provisions of the latest Organisation for Economic Co-operation and Development (OECD) Model Double Taxation Convention. The conventions also include special rules relating to royalty payments and dividends.

The new agreement will come into force once both countries have completed their respective legislative procedures. In the meantime, the double taxation convention between the UK and the USSR, which was signed on 31 July 1985, will continue to apply to Turkmenistan.