IRAN, BULGARIA RATIFY AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION

Asia Pulse
Jun 08, 2006

TEHRAN, June 8 Asia Pulse – The Guardian Council ratified here
Wednesday an agreement for avoidance of double taxation between Iran
and Bulgaria to make it possible to became a law, the economic and
finance minister’s public relations department reported.

The agreement was previously approved in the Majlis. The law covers
avoidance of taxes on income acquired in housing, agriculture sectors
as well as various private sectors professions and extraordinary
incomes, the ministry reported.

Iran has signed agreements with 48 nations encouraging joint trade
and investments.

The agreements stipulate that the governments of the countries involved
finance private companies doing business in their territories thereby
making them partners in economic development.

Iran has inked accords with 34 countries for removal of double taxation
on trade and investments which can increase the flow of capital into
the national economy.

In addition to double taxation agreements Iran has also signed
agreements to boost its trade exchange.

The number of customs agreements signed with foreign countries now
stands at 31.

The report added, “Out of the signed documents, 19 have been ratified
by Iranian Majlis and the rest are being assessed by various Majlis
commissions.

“The ratified customs agreements have been signed with Italy,
Azerbaijan, Ukraine, Armenia, Turkmenistan, Russia, Kyrgyzstan, Cuba,
Turkey, Austria, Belgium, Bulgaria, Greece, India, Sudan, Pakistan,
Kyrgyzstan, Lebanon and Tunisia.” Talks are currently underway between
Iran’s Customs Administration and Saudi Arabia, Kuwait, Yemen, Hungary,
Morocco, China, Iraq and Nigeria. Once the negotiations are finalized,
customs cooperation agreements will be signed with those countries.