THE CONVENTION BETWEEN THE GOVERNMENT OF THE REPUBLIC OF BELARUS AND THE GOVERNMENT OF TURKMENISTAN OF OB IZBEZHANII DVOYNOGO NALOGOOBLOZHENIYA V OTNOSHENII NALOGOV NA DOKHODY I CAPITAL (PROPERTY)

of May 17, 2002

Government of the Republic of Belarus and Government of Turkmenistan,

wishing to sign the Convention on avoidance of double taxation concerning taxes on the income and on the capital (property), and with intention to develop economic cooperation between two countries

agreed about the following:

Article 1 of Person to which the Convention is applied

This Convention is applied to persons which are residents of one or both Contracting States.

Article 2 Taxes to which the Convention extends

1. This Convention is applied to taxes on the income and on the capital (property), the collectable Contracting State, either its administrative-territorial divisions, or regional authorities, irrespective of method of their collection.

2. All taxes levied from the total amount of the income on the total amount of the capital (property) or from their separate elements, including taxes on the income from alienation of personal or real estate, taxes levied from the total amount of the salary paid by the companies and also the taxes levied from the income from capital gain (property) are considered as taxes on the income and on the capital (property).

3. The existing taxes to which the Convention extends are in particular:

a) in the Republic of Belarus:

(i) tax on the income and profit;

(ii) the income tax from physical persons;

(iii) real estate tax

(hereinafter referred to as as "taxes of Belarus");

b) in Turkmenistan:

(i) income tax (income);

(ii) the income tax from physical persons;

(iii) property tax of the companies

(hereinafter referred to as as "taxes of Turkmenistan").

4. The convention is applied also to all identical or similar taxes which are levied in addition to the existing taxes or instead of them, after signature date of this Convention. Competent authorities of Contracting States notify each other on the basic changes made to their relevant tax laws.

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