Azerbaijan to enhance control over its citizens’ operations in offshore zones
Baku, Azerbaijan, Aug. 10
By Anvar Mammadov – Trend:
Azerbaijan will enhance control over operations of its citizens in offshore zones, the country’s Deputy Taxes Minister Ilkin Valiyev said.
He made the remarks at a press conference dedicated to execution of the Azerbaijani president’s order, dated Aug. 4, 2016, “On improvement of tax administration and approval of directions of reforms in taxation in 2016.”
Valiyev added that corresponding amendments will be made to Azerbaijan’s legislation in order to impose taxes on profits from operations of Azerbaijani companies abroad, including in offshore zones, and by using transfer prices.
Moreover, he said, it is planned to create effective mechanisms of control over the operations of enterprises created by Azerbaijani residents in offshore zones. These mechanisms will be used to identify people evading taxes and to impose income tax on their profit.
“Currently, we have agreements with a number of countries on cooperation in this sphere and we plan to increase their number in the future,” added Valiyev. “We provide those countries with information about their companies operating in Azerbaijan, and they, in turn, provide us with information about Azerbaijani companies there.”
“These agreements will also allow us enhancing control over Azerbaijani companies in offshore zones,” said the deputy minister.