Hungary, Turkmenistan sign double taxation avoidance agreement

Int’l Relations

(Photo: MTI/Zoltán Balogh)

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.

State Secretary István Lepsényi speaking at an industry event at Budapest’s Hungexpo on May 24. (Photo: MTI/Zoltán Balogh)

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.

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