TEHRAN – A double taxation avoidance bill intending to expand and facilitate trade between Iran and Azerbaijan has been approved and circulated by the Iranian administration.

The Organization for Investment and Economic and Technical Assistance of Iran reported on Wednesday that due to the necessity of expanding economic cooperation between Tehran and Baku and also the need for taking measures in a bid to avoid double taxation and tax evasion in the two-way trade a bill including 29 articles has been passed, IRNA news agency reported.
In June 2009, Azeri Ambassador to Iran Abasali Hassanov called on Iranian investors to invest in Azerbaijan, particularly in the fields of oil, gas, power and agriculture.
Iranian-Azerbaijani bilateral trade reached $70 million in 2008, and increased to $70.4 million in the first half of 2009.
This value climbed further in September 2009 when Baku agreed to export 5 billion cubic meters of gas to Iran each year