In a recent article for the Intra-European Organisation of Tax Administrations (IOTA), Azeri Minister of Taxes Fazil Mammadov analyzed the new challenges faced by Azerbaijan’s Tax Service due to sluggish global growth and its negative impact on resource economies. He depicted Azerbaijan’s response in terms of developing a sustainable national economy.
The Working Party on Azerbaijan’s accession to the World Trade Organization (WTO) met in Geneva on 22 July and expressed hope that the accession negotiations (which began in 1997) would be completed in the near future. Continue reading “Azerbaijan: Update on WTO Accession”
Further to our February update, below is a summary of ongoing debates and tax developments in Azerbaijan.
In late February, the Parliament confirmed the “package” of investment-promoting preferences and exemptions valid over seven years in respect of PIT/CIT/VAT/Property & Land Taxes, as well as Customs Duties, for entities and individuals granted an Investment Promotion Certificate (IPC). Continue reading “Azerbaijan: April Tax and Investment Update”
In response to numerous media inquiries, the World Bank would like to clarify the following: The World Bank is discussing with the Government of Azerbaijan a set of medium- and long-term measures to move to a new private-sector led growth model and increase the country’s resilience to external shocks, including low oil prices and pressure on the local currency. The Government of Azerbaijan is developing a comprehensive program of structural reforms, and the World Bank, as a long-term development partner of Azerbaijan, stands ready to provide necessary support.