Turkmenistan Steps Up Economic Integration According to OECD Standards
Ashgabat, July 18 | ORIENT. At the recent meeting of the Cabinet of Ministers of Turkmenistan, Deputy Prime Minister Hojamyrat Geldimyradov reported on steps to strengthen cooperation with major international organizations. Particular attention was paid to working with the Organization for Economic Cooperation and Development (OECD), which marks an important vector in the country's economic policy.
New Agreements: What does This Mean for Turkmenistan?
On behalf of the President, the Ministry of Finance and Economy of Turkmenistan has studied the possibility of the country joining a number of important OECD documents. In particular, we are talking about:
Conventions on Mutual Administrative Assistance in Tax Matters: This is an international agreement that allows countries to exchange information on tax matters. Simply put, it helps countries combat tax evasion and ensure a fairer tax system. For Turkmenistan, this means strengthening financial transparency and compliance with international standards.
Multilateral Agreement of Competent Authorities on the Automatic Exchange of Financial Account Information: This agreement provides that banks and other financial institutions will automatically transmit information on the accounts of foreign citizens or companies to the tax authorities of their countries. This is another tool for increasing transparency, preventing money laundering and ensuring fair competition.
President Serdar Berdimuhamedov approved the proposal on the advisability of joining the aforementioned OECD Convention and Agreement, instructing Deputy Prime Minister Geldimyradov to carry out all the necessary work for their implementation.
This decision confirms Turkmenistan's desire for greater openness and integration into the global economic system based on the principles of transparency and compliance with international rules, and commitment to the principles of good faith cooperation.
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