EY Baku office sponsors fifth AmCham Annual Tax Conference (PHOTO)

EY Baku office sponsors fifth AmCham Annual Tax Conference (PHOTO)

Baku, Azerbaijan, Jan. 18

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The CSR Committee of the American Chamber of Commerce in Azerbaijan organized the 5th Annual Tax Conference on the development of and compliance with the tax system, at the Conference Hall of the Hilton Hotel on 18 January. Being a founder member, EY is a gold member and sponsor of AmCham. Mr. Ilgar Veliyev, EY Country Managing Partner for Azerbaijan and AmCham President, opened the meeting by welcoming guests and members of the committee.

The conference invited more than 30 leading governmental and non-governmental organizations from Azerbaijan. The Committee meeting featured presentations on administrative measures taken in relation to recent amendments to the Tax Code, as well as on future tax reforms and which tax models to apply.

Zaur Gurbanov, Tax & Law Manager, gave a presentation on "Possible tax reforms during economic difficulties: International steps". This presentation was dedicated to reforms that could support small- and medium-sized enterprises (SMEs) and preserve jobs in tough economic times.

"Before making precise recommendations, many aspects of these reforms, as well as their applicability to Azerbaijan, should be carefully examined, given that this topic is very complicated and requires analysis and discussion. Taking this into account we have mainly focused on conceptual matters and presented various reforms carried out in a number of other countries," said Zaur.

In the course of his presentation Zaur also discussed the significance of tax incentives as a major component of reforms, their objectives and types. He highlighted possible solutions by comparing international practice with Azerbaijan's practice, and, specifically, tax exemptions at the industrial parks vs tax exemptions for important categories of business activity. Further, Zaur discussed newly adopted changes to tax legislation.

The Conference provided professionals with the opportunity to discuss issues of common interest and exchange their expertise.

About AmCham

The American Chamber of Commerce in Azerbaijan is composed of over 250 members and associates active in every sector of the Azerbaijani economy. The Chamber represents 80% of all foreign investment, as well as a significant portion of local investment, in Azerbaijan. Through its industry sector committees Chamber members share information, raise issues of common concern and propose possible solutions. As AmCham members, companies and organizations have access to a vast network of business information and contacts, in Azerbaijan and in the US.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and economies around the world. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In doing so, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY works together with companies across the CIS and assists them in realizing their business goals. 4,500 professionals work at 20 CIS offices (in Moscow, St. Petersburg, Novosibirsk, Kazan, Krasnodar, Rostov-on-Don, Togliatti, Vladivostok, Almaty, Astana, Bishkek, Baku, Kyiv, Tashkent, Tbilisi, Minsk, and other locations).

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

EY in Azerbaijan

EY made a major commitment to the development of Azerbaijan and the region by opening the office in Baku 21 years ago. Today, in addition to being the leading audit and consulting firm in Azerbaijan, we are the leading firm in the region. As a result of our experience and competence, we have been able to assist both domestic and international companies as well as state-owned entities to develop and manage the challenges of the international economy.

There are currently 170 people working in our Baku office that serve our clients in Azerbaijan. EY's strength in the Caspian Region and the firm's commitment of resources are important to the entities operating in the region. It means that as we grow, EY will continue to demonstrate a tradition of hiring and training local professionals to be leaders in our practice.

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