The agreement between Azerbaijan and Slovakia on the Elimination of Double Taxation with Respect to Income Taxes and the Prevention of Tax Evasion has entered into force, SİA informs, citing the State Tax Service under Azerbaijan's Ministry of Economy.
The agreement will apply to persons who are residents of one or both of the states.
The taxes on income covered by the agreement include all taxes on total income or parts of income, including income from alienation of movable and immovable property, and taxes on the total amounts of wages or salaries paid by enterprises.
Specifically, the agreement exempts personal and corporate income tax in Slovakia, and corporate profit tax and personal income tax in Azerbaijan from Double Taxation.
Additionally, the agreement will also apply to any identical or substantially similar taxes that are imposed after the signing of the agreement in addition to, or in place of, the existing taxes.
Also, residents' income from immovable property may be taxed in the other state. This type of tax covers auxiliary property related to immovable property, livestock and equipment used in agriculture and forestry, rights subject to national legislation regarding land ownership, usufruct of immovable property, and rights to variable or fixed payments for the exploitation or right to exploit mineral deposits, sources, and other natural resources. However, ships and aircraft shall not be considered immovable property.
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