THE CONVENTION BETWEEN THE AZERBAIJAN REPUBLIC AND ROMANIA

of October 29, 2002

About avoidance of double taxation and prevention of tax avoidance on the income and property

The Azerbaijan Republic and Romania for the purpose of the conclusion of the Convention on avoidance of double taxation and prevention of tax avoidance on the income and property, agreed as follows:

Article 1. Persons to whom the Convention is applied

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

Article 2. Taxes to which the Convention extends

1. This Convention, irrespective of taxation method, is applied to taxes on the income and on property, the collectable Contracting State or its administrative-territorial units / divisions or regional authorities,

2. All taxes levied from the total amount of the income, total cost of property or from separate elements of the income or property including taxes on the income from alienation of personal or real estate, taxes levied from the total amount of the salary or salary paid by the companies and also the taxes levied from the income from property increase in value belong to taxes on the income and on property.

3. The convention, in particular, extends to the following existing taxes:

a) in the Azerbaijan Republic:

(i) income tax of legal entities;

(ii) income tax;

(iii) property tax;

(iv) land tax

(further the referred to as "Azerbaijani taxes")

a) in Romania:

(i) income tax;

(ii) tax on the income;

(iii) land tax;

(iv) tax on structures

(further the referred to as "Romanian taxes");

4. This Convention is applied also to identical or in essence to similar taxes which will be levied in addition to the existing taxes or instead of them after signature date of this Convention. Competent authorities of Contracting States will notify each other on any essential changes which will be made to their tax legislations.

Article 3. General concepts

1. For the purposes of this Convention the following terms are applied if other sense is not provided in context:

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