The signing of a deal between Turkey and Cuba to prevent double taxation and tax evasion is a significant step in promoting economic cooperation and trade between the two countries. Such agreements aim to eliminate the double taxation of income and assets for individuals and businesses operating in both jurisdictions, thereby facilitating investment and trade activities.
The ministry said the parties previously met for the agreement in both 2022 and June 2023.
The agreement was signed by Turkish Treasury and Finance Minister Mehmet Simsek and Ricardo Cabrisas Ruiz, Cuba’s deputy prime minister.
The deal is expected to improve relations between Turkiye and the Caribbean island nation, the ministry added.
By preventing tax evasion, these agreements enhance transparency and compliance with tax laws, which is essential for fostering a healthy business environment and ensuring fair taxation practices.
Additionally, such agreements can help strengthen bilateral relations between countries by promoting trust and cooperation in financial matters. They also provide a framework for resolving tax disputes through mutual agreement procedures.
Overall, the signing of this deal reflects a commitment from both Turkey and Cuba to create a favorable environment for economic activities and to strengthen their economic ties.
