Put aside disagreement

Azerbaijan should improve in Doing Business

The Ministry of Economic Development of Azerbaijan is dissatisfied with the assessment of Country's reforms in the Doing Business 2008-the fifth in an annual series issued by the World Bank and IFC. According to assessments by the WB and IFC, the ranking of Azerbaijan improved compared to 2006 and this year the country rose to 96th place.

As compared to 2006 rating of Azerbaijan has improved by 3 points. Nevertheless, the country with the consideration of reforms held over the year expected high estimation.

Three major factors promoted increase of country's rating by three points in doing Business report:

- this year the department for development of entrepreneurship of the Ministry of Economic Development established a sector for business environment monitoring. In terms of monitoring it is planned to cooperate actively with organizations, which present different reports concerning the business climate;

- on 30 April 2007 the Azerbaijani President issued a decree on some events related to the development of entrepreneurship. In particular, to remove the existing problems in business, namely multi-step business starting procedures, difficult licensing system and durable process, which represent bureaucratic obstacles in some cases;

- close cooperation of Azerbaijan with the World Bank and the International Finance Corporation to see more exact report. Thus, the Ministry of Economic Development developed its own package of proposals on the World Bank's report in accordance with convenience of business doing, developed through inquiry of entrepreneurs.

Doing Business 2008 ranks 178 economies on the ease of doing business based on 10 indicators of business regulation. Singapore, for the second year, tops the aggregate rankings across 178 economies.

While compiling the rating time and financial expenses were taken into consideration for the establishment of a company, the cost of its activities, in particular, trade operations, amount of tax press, as well as cost of cancellation of the company. Analysis does not consider such indices as size of market, macroeconomic policy, quality of infrastructure, stability of national currency, opinion of investors or level of crimes.

Efforts Doing Business 2008 rating Doing Business 2007 rating
Doing Business 96 99
Starting a Business 64 95
Dealing with Licenses 159 159
Employing Workers 80 79
Registering Property 56 58
Getting Credit 26 21
Protecting Investors 107 105
Paying Taxes 141 142
Trading Across Borders 173 170
Enforcing Contracts 30 30
Closing a Business 75 71

As it s seems from the table the country achieved maximal success in 2007 in terms of simplifying terms for business registering and starting, as well as payment of taxes. Thus, there was observed cut in procedures of establishment of new enterprises in Azerbaijan from 53 to 30 days. An essential progress has been observed in this point. Thus, thanks to simplification of requirements put for documents, time expenses for business starting first from 115 to 53 days and then to 30 days.

Business starting

Indices are given for opening of legal LTDs. The challenges of launching a business are shown below. Included are: the number of steps entrepreneurs can expect to go through to launch, the time it takes on average, and the cost and minimum capital required as a percentage of gross national income (GNI) per capita.

As compared to other OECD countries Azerbaijan has more procedures for opening companies and respectively, it is necessary have enough time, but is cheaper to open business sin Azerbaijan as compared to other countries.

Efforts Doing Business 2008 rating Doing Business 2007 rating
Doing Business 96 99
Starting a Business 64 95
Dealing with Licenses 159 159
Employing Workers 80 79
Registering Property 56 58
Getting Credit 26 21
Protecting Investors 107 105
Paying Taxes 141 142
Trading Across Borders 173 170
Enforcing Contracts 30 30
Closing a Business 75 71
Indicators Region OECD
Predures (number) 13 8,8 6,0
Duration (days) 30 26,1 14,9
Cost (% GNI per capita) 6,9 11,1 5,1

Licensing

Shown below are the procedures, time, and costs to build a warehouse, including obtaining necessary licenses and permits, completing required notifications and inspections, and obtaining utility connections.

Efforts Doing Business 2008 rating Doing Business 2007 rating
Doing Business 96 99
Starting a Business 64 95
Dealing with Licenses 159 159
Employing Workers 80 79
Registering Property 56 58
Getting Credit 26 21
Protecting Investors 107 105
Paying Taxes 141 142
Trading Across Borders 173 170
Enforcing Contracts 30 30
Closing a Business 75 71
Indicators Region OECD
Predures (number) 13 8,8 6,0
Duration (days) 30 26,1 14,9
Cost (% GNI per capita) 6,9 11,1 5,1
Indicators Region OECD
Procedures (number) 31 24,0 14,0
Duration (days) 207 251,3 153,3
Cost (% of income per capita) 768,3 628,4 62,2

Employing workers

The difficulties that employers face in hiring and firing workers are shown below. Each index assigns values between 0 and 100, with higher values representing more rigid regulations. The Rigidity of Employment Index is an average of the three indices.

Efforts Doing Business 2008 rating Doing Business 2007 rating
Doing Business 96 99
Starting a Business 64 95
Dealing with Licenses 159 159
Employing Workers 80 79
Registering Property 56 58
Getting Credit 26 21
Protecting Investors 107 105
Paying Taxes 141 142
Trading Across Borders 173 170
Enforcing Contracts 30 30
Closing a Business 75 71
Indicators Region OECD
Predures (number) 13 8,8 6,0
Duration (days) 30 26,1 14,9
Cost (% GNI per capita) 6,9 11,1 5,1
Indicators Region OECD
Procedures (number) 31 24,0 14,0
Duration (days) 207 251,3 153,3
Cost (% of income per capita) 768,3 628,4 62,2
Indicators Region OECD
Difficulty of Hiring Index 33 36,3 25,2
Rigidity of Hours Index 40 51,4 39,2
Difficulty of Firing Index 40 32,1 27,9
Rigidity of Employment Index 38 40,0 30,8
Nonwage labor cost (% of salary) 22 25,4 20,7
Firing costs (weeks of wages) 22 26,1 25,7

Registering Property

The ease with which businesses can secure rights to property is shown below. Included are the number of steps, time, and cost involved in registering property.

Efforts Doing Business 2008 rating Doing Business 2007 rating
Doing Business 96 99
Starting a Business 64 95
Dealing with Licenses 159 159
Employing Workers 80 79
Registering Property 56 58
Getting Credit 26 21
Protecting Investors 107 105
Paying Taxes 141 142
Trading Across Borders 173 170
Enforcing Contracts 30 30
Closing a Business 75 71
Indicators Region OECD
Predures (number) 13 8,8 6,0
Duration (days) 30 26,1 14,9
Cost (% GNI per capita) 6,9 11,1 5,1
Indicators Region OECD
Procedures (number) 31 24,0 14,0
Duration (days) 207 251,3 153,3
Cost (% of income per capita) 768,3 628,4 62,2
Indicators Region OECD
Difficulty of Hiring Index 33 36,3 25,2
Rigidity of Hours Index 40 51,4 39,2
Difficulty of Firing Index 40 32,1 27,9
Rigidity of Employment Index 38 40,0 30,8
Nonwage labor cost (% of salary) 22 25,4 20,7
Firing costs (weeks of wages) 22 26,1 25,7
Indicators Region OECD
Procedures (number) 7 6,2 4,9
Duration (days) 61 92,4 28,0
Cost (% of property value) 0,2 2,4 4,6

Getting Credit

Measures on credit information sharing and the legal rights of borrowers and lenders are shown below. The Legal Rights Index ranges from 0-10, with higher scores indicating that those laws are better designed to expand access to credit. The Credit Information Index measures the scope, access and quality of credit information available through public registries or private bureaus. It ranges from 0-6, with higher values indicating that more credit information is available from a public registry or private bureau.

Efforts Doing Business 2008 rating Doing Business 2007 rating
Doing Business 96 99
Starting a Business 64 95
Dealing with Licenses 159 159
Employing Workers 80 79
Registering Property 56 58
Getting Credit 26 21
Protecting Investors 107 105
Paying Taxes 141 142
Trading Across Borders 173 170
Enforcing Contracts 30 30
Closing a Business 75 71
Indicators Region OECD
Predures (number) 13 8,8 6,0
Duration (days) 30 26,1 14,9
Cost (% GNI per capita) 6,9 11,1 5,1
Indicators Region OECD
Procedures (number) 31 24,0 14,0
Duration (days) 207 251,3 153,3
Cost (% of income per capita) 768,3 628,4 62,2
Indicators Region OECD
Difficulty of Hiring Index 33 36,3 25,2
Rigidity of Hours Index 40 51,4 39,2
Difficulty of Firing Index 40 32,1 27,9
Rigidity of Employment Index 38 40,0 30,8
Nonwage labor cost (% of salary) 22 25,4 20,7
Firing costs (weeks of wages) 22 26,1 25,7
Indicators Region OECD
Procedures (number) 7 6,2 4,9
Duration (days) 61 92,4 28,0
Cost (% of property value) 0,2 2,4 4,6
Indicators Region OECD
Legal Rights Index 7 5,6 6,4
Credit Information Index 4 3,4 4,8
Public registry coverage (% adults) 1,4 2,4 8,6
Private bureau coverage (% adults) 0,0 15,4 59,3

Protecting Investors

The indicators below describe three dimensions of investor protection: transparency of transactions (Extent of Disclosure Index), liability for self-dealing (Extent of Director Liability Index), shareholders' ability to sue officers and directors for misconduct (Ease of Shareholder Suits Index) and Strength of Investor Protection Index. The indexes vary between 0 and 10, with higher values indicating greater disclosure, greater liability of directors, greater powers of shareholders to challenge the transaction, and better investor protection.

Efforts Doing Business 2008 rating Doing Business 2007 rating
Doing Business 96 99
Starting a Business 64 95
Dealing with Licenses 159 159
Employing Workers 80 79
Registering Property 56 58
Getting Credit 26 21
Protecting Investors 107 105
Paying Taxes 141 142
Trading Across Borders 173 170
Enforcing Contracts 30 30
Closing a Business 75 71
Indicators Region OECD
Predures (number) 13 8,8 6,0
Duration (days) 30 26,1 14,9
Cost (% GNI per capita) 6,9 11,1 5,1
Indicators Region OECD
Procedures (number) 31 24,0 14,0
Duration (days) 207 251,3 153,3
Cost (% of income per capita) 768,3 628,4 62,2
Indicators Region OECD
Difficulty of Hiring Index 33 36,3 25,2
Rigidity of Hours Index 40 51,4 39,2
Difficulty of Firing Index 40 32,1 27,9
Rigidity of Employment Index 38 40,0 30,8
Nonwage labor cost (% of salary) 22 25,4 20,7
Firing costs (weeks of wages) 22 26,1 25,7
Indicators Region OECD
Procedures (number) 7 6,2 4,9
Duration (days) 61 92,4 28,0
Cost (% of property value) 0,2 2,4 4,6
Indicators Region OECD
Legal Rights Index 7 5,6 6,4
Credit Information Index 4 3,4 4,8
Public registry coverage (% adults) 1,4 2,4 8,6
Private bureau coverage (% adults) 0,0 15,4 59,3
Indicators Region OECD
Disclosure Index 4 4,9 6,4
Director Liability Index 1 3,8 5,1
Shareholder Suits Index 8 6,3 6,5
Investor Protection Index 4,3 5,0 6,0

Paying Taxes

The data below shows the tax that a medium-size company must pay or withhold in a given year, as well as measures of the administrative burden in paying taxes. These measures include the number of payments an entrepreneur must make; the number of hours spent preparing, filing, and paying; and the percentage of their profits they must pay in taxes. According to Jankov, an author of Doing Business report, over the pats few years Azerbaijan held dynamic reforms on simplification of tax system, which is very important for business doing and increase of rating. While compiling a report exports of WB and IFC analyzed the tax regime in the country and the government was given necessary recommendations. He said that along with cut in tax rates Azerbaijan also simplified the payment process and mechanism of tax declaring which affects he tax incomes.

Efforts Doing Business 2008 rating Doing Business 2007 rating
Doing Business 96 99
Starting a Business 64 95
Dealing with Licenses 159 159
Employing Workers 80 79
Registering Property 56 58
Getting Credit 26 21
Protecting Investors 107 105
Paying Taxes 141 142
Trading Across Borders 173 170
Enforcing Contracts 30 30
Closing a Business 75 71
Indicators Region OECD
Predures (number) 13 8,8 6,0
Duration (days) 30 26,1 14,9
Cost (% GNI per capita) 6,9 11,1 5,1
Indicators Region OECD
Procedures (number) 31 24,0 14,0
Duration (days) 207 251,3 153,3
Cost (% of income per capita) 768,3 628,4 62,2
Indicators Region OECD
Difficulty of Hiring Index 33 36,3 25,2
Rigidity of Hours Index 40 51,4 39,2
Difficulty of Firing Index 40 32,1 27,9
Rigidity of Employment Index 38 40,0 30,8
Nonwage labor cost (% of salary) 22 25,4 20,7
Firing costs (weeks of wages) 22 26,1 25,7
Indicators Region OECD
Procedures (number) 7 6,2 4,9
Duration (days) 61 92,4 28,0
Cost (% of property value) 0,2 2,4 4,6
Indicators Region OECD
Legal Rights Index 7 5,6 6,4
Credit Information Index 4 3,4 4,8
Public registry coverage (% adults) 1,4 2,4 8,6
Private bureau coverage (% adults) 0,0 15,4 59,3
Indicators Region OECD
Disclosure Index 4 4,9 6,4
Director Liability Index 1 3,8 5,1
Shareholder Suits Index 8 6,3 6,5
Investor Protection Index 4,3 5,0 6,0
Indicators Region OECD
Payments (number) 38 46,3 15,1
Time (hours) 952 451,5 183,3
Profit tax (%) 13,8 11,2 20,0
Labor tax and contributions (%) 24,8 28,7 22,8
Other taxes (%) 2,3 10,8 3,4
Total tax rate (% profit) 40,9 50,8 46,2

Trading Across Borders

The costs and procedures involved in importing and exporting a standardized shipment of goods are detailed under this topic. Every official procedure involved is recorded - starting from the final contractual agreement between the two parties, and ending with the delivery of the goods.

Efforts Doing Business 2008 rating Doing Business 2007 rating
Doing Business 96 99
Starting a Business 64 95
Dealing with Licenses 159 159
Employing Workers 80 79
Registering Property 56 58
Getting Credit 26 21
Protecting Investors 107 105
Paying Taxes 141 142
Trading Across Borders 173 170
Enforcing Contracts 30 30
Closing a Business 75 71
Indicators Region OECD
Predures (number) 13 8,8 6,0
Duration (days) 30 26,1 14,9
Cost (% GNI per capita) 6,9 11,1 5,1
Indicators Region OECD
Procedures (number) 31 24,0 14,0
Duration (days) 207 251,3 153,3
Cost (% of income per capita) 768,3 628,4 62,2
Indicators Region OECD
Difficulty of Hiring Index 33 36,3 25,2
Rigidity of Hours Index 40 51,4 39,2
Difficulty of Firing Index 40 32,1 27,9
Rigidity of Employment Index 38 40,0 30,8
Nonwage labor cost (% of salary) 22 25,4 20,7
Firing costs (weeks of wages) 22 26,1 25,7
Indicators Region OECD
Procedures (number) 7 6,2 4,9
Duration (days) 61 92,4 28,0
Cost (% of property value) 0,2 2,4 4,6
Indicators Region OECD
Legal Rights Index 7 5,6 6,4
Credit Information Index 4 3,4 4,8
Public registry coverage (% adults) 1,4 2,4 8,6
Private bureau coverage (% adults) 0,0 15,4 59,3
Indicators Region OECD
Disclosure Index 4 4,9 6,4
Director Liability Index 1 3,8 5,1
Shareholder Suits Index 8 6,3 6,5
Investor Protection Index 4,3 5,0 6,0
Indicators Region OECD
Payments (number) 38 46,3 15,1
Time (hours) 952 451,5 183,3
Profit tax (%) 13,8 11,2 20,0
Labor tax and contributions (%) 24,8 28,7 22,8
Other taxes (%) 2,3 10,8 3,4
Total tax rate (% profit) 40,9 50,8 46,2
Indicators Region OECD
Documents for export (number) 9 7,0 4,5
Time for export (days) 56 29,3 9,8
Cost to export (US$ per container) 2 715 1 393,4 905,0
Documents for import (number) 14 8,3 5,0
Time for import (days) 56 30,8 10,4
Cost to import (US$ per container) 2 945 1 551,4 986,1

Enforcing Contracts

The ease or difficulty of enforcing commercial contracts in is measured below. This is determined by following the evolution of a payment dispute and tracking the time, cost, and number of procedures involved from the moment a plaintiff files the lawsuit until actual payment.

Efforts Doing Business 2008 rating Doing Business 2007 rating
Doing Business 96 99
Starting a Business 64 95
Dealing with Licenses 159 159
Employing Workers 80 79
Registering Property 56 58
Getting Credit 26 21
Protecting Investors 107 105
Paying Taxes 141 142
Trading Across Borders 173 170
Enforcing Contracts 30 30
Closing a Business 75 71
Indicators Region OECD
Predures (number) 13 8,8 6,0
Duration (days) 30 26,1 14,9
Cost (% GNI per capita) 6,9 11,1 5,1
Indicators Region OECD
Procedures (number) 31 24,0 14,0
Duration (days) 207 251,3 153,3
Cost (% of income per capita) 768,3 628,4 62,2
Indicators Region OECD
Difficulty of Hiring Index 33 36,3 25,2
Rigidity of Hours Index 40 51,4 39,2
Difficulty of Firing Index 40 32,1 27,9
Rigidity of Employment Index 38 40,0 30,8
Nonwage labor cost (% of salary) 22 25,4 20,7
Firing costs (weeks of wages) 22 26,1 25,7
Indicators Region OECD
Procedures (number) 7 6,2 4,9
Duration (days) 61 92,4 28,0
Cost (% of property value) 0,2 2,4 4,6
Indicators Region OECD
Legal Rights Index 7 5,6 6,4
Credit Information Index 4 3,4 4,8
Public registry coverage (% adults) 1,4 2,4 8,6
Private bureau coverage (% adults) 0,0 15,4 59,3
Indicators Region OECD
Disclosure Index 4 4,9 6,4
Director Liability Index 1 3,8 5,1
Shareholder Suits Index 8 6,3 6,5
Investor Protection Index 4,3 5,0 6,0
Indicators Region OECD
Payments (number) 38 46,3 15,1
Time (hours) 952 451,5 183,3
Profit tax (%) 13,8 11,2 20,0
Labor tax and contributions (%) 24,8 28,7 22,8
Other taxes (%) 2,3 10,8 3,4
Total tax rate (% profit) 40,9 50,8 46,2
Indicators Region OECD
Documents for export (number) 9 7,0 4,5
Time for export (days) 56 29,3 9,8
Cost to export (US$ per container) 2 715 1 393,4 905,0
Documents for import (number) 14 8,3 5,0
Time for import (days) 56 30,8 10,4
Cost to import (US$ per container) 2 945 1 551,4 986,1
Indicators Region OECD
Procedures (number) 39 35,9 31,3
Duration (days) 267 443,0 443,3
Cost (% of claim) 18,5 22,7 17,7

Closing a Business

The time and cost required to resolve bankruptcies is shown below. The data identifies weaknesses in existing bankruptcy law and the main procedural and administrative bottlenecks in the bankruptcy process. The recovery rate, expressed in terms of how many cents on the dollar claimants recover from the insolvent firm, is also shown.

Efforts Doing Business 2008 rating Doing Business 2007 rating
Doing Business 96 99
Starting a Business 64 95
Dealing with Licenses 159 159
Employing Workers 80 79
Registering Property 56 58
Getting Credit 26 21
Protecting Investors 107 105
Paying Taxes 141 142
Trading Across Borders 173 170
Enforcing Contracts 30 30
Closing a Business 75 71
Indicators Region OECD
Predures (number) 13 8,8 6,0
Duration (days) 30 26,1 14,9
Cost (% GNI per capita) 6,9 11,1 5,1
Indicators Region OECD
Procedures (number) 31 24,0 14,0
Duration (days) 207 251,3 153,3
Cost (% of income per capita) 768,3 628,4 62,2
Indicators Region OECD
Difficulty of Hiring Index 33 36,3 25,2
Rigidity of Hours Index 40 51,4 39,2
Difficulty of Firing Index 40 32,1 27,9
Rigidity of Employment Index 38 40,0 30,8
Nonwage labor cost (% of salary) 22 25,4 20,7
Firing costs (weeks of wages) 22 26,1 25,7
Indicators Region OECD
Procedures (number) 7 6,2 4,9
Duration (days) 61 92,4 28,0
Cost (% of property value) 0,2 2,4 4,6
Indicators Region OECD
Legal Rights Index 7 5,6 6,4
Credit Information Index 4 3,4 4,8
Public registry coverage (% adults) 1,4 2,4 8,6
Private bureau coverage (% adults) 0,0 15,4 59,3
Indicators Region OECD
Disclosure Index 4 4,9 6,4
Director Liability Index 1 3,8 5,1
Shareholder Suits Index 8 6,3 6,5
Investor Protection Index 4,3 5,0 6,0
Indicators Region OECD
Payments (number) 38 46,3 15,1
Time (hours) 952 451,5 183,3
Profit tax (%) 13,8 11,2 20,0
Labor tax and contributions (%) 24,8 28,7 22,8
Other taxes (%) 2,3 10,8 3,4
Total tax rate (% profit) 40,9 50,8 46,2
Indicators Region OECD
Documents for export (number) 9 7,0 4,5
Time for export (days) 56 29,3 9,8
Cost to export (US$ per container) 2 715 1 393,4 905,0
Documents for import (number) 14 8,3 5,0
Time for import (days) 56 30,8 10,4
Cost to import (US$ per container) 2 945 1 551,4 986,1
Indicators Region OECD
Procedures (number) 39 35,9 31,3
Duration (days) 267 443,0 443,3
Cost (% of claim) 18,5 22,7 17,7
Indicators Region OECD
Time (years) 2,7 3,2 1,3
Cost (% of income per capita) 8 13,7 7,5
Recovery rate (cents on the dollar) 31,5 28,9 74,1

Thus, data indicated in the report demonstrate that in many cases cost of business doing is to expensive that many entrepreneurs are obliged to act out of formal economy. This report enables the country to define the spheres where additional reforms.

Thus, the factors promoting the situation and increase of Azerbaijan's rating in the report next year:

- full execution of the April decree by the President, which stipulates the application of 'one window' principle in Azerbaijan, which will enable to reduce the registration of new enterprises, for instance from the current 30 days to 10-15 days. Over 10 days it will be possible to realize 6-7 procedures. In accordance with international experience, requirements of the report on business climate, opening of bank accounts and notary registration should be done with in one day. A 'one day' system envisages the injection of a unified code for every entrepreneurship, whereas to commence the business activities it is necessary to receive separate codes at the Ministries of Taxes and Justice, and the State Statistics Committee.

- development and realization of proposals on additional measures in assisting to development of entrepreneurship. At present they are undergoing coordination. The proposal concern cut in business registering days, double explanation of several legislative acts, etc

- Since January 2008 The International Finance Corporation (IFC) plans to set up implantation of the project on technical assistance to Azerbaijan on protection of investors' rights and development of capital market. The project includes improvement of licensing mechanism and permission system, where major focus will be made on business building, simplification of business registering procedures, including establishment of 'one window' system.

- In 2008 the National Fund for Support to Entrepreneurship (NFSE) of Azerbaijan will receive AZN 80mln out of the public budget: AZN 6mln for Nakhchivan Autonomous Republic and AZN 74mln for the rest regions. This year the amount of crediting out of the Fund for Baku and regions was equal, while the regions dominate for the number of projects

- The Ministry of Economic Development developed and is waiting for replies from the international financial organizations (IFO) on the new State Program of the development of small and medium business (for 2007-2012). The document was sent for examination to 20 IFO, but so far replies were submitted the German Technical Society (GTZ), the Azerbaijani-American CHmaber of Trade and Industry (AMCHAM) and the coordinating bureau of TACIS, WB, IFC. Some privileges are provoded for entrepreneurs.

- To intensify the processes related to establishment and commencement of activities of industrial city. The Azerbaijan Government is commencing transition of state-run enterprises to the first industrial town in the country in Yashma in the intersection of Absheron and Khisi districts. The town will have its own taxation regime, communications system, coordinating body an administration for solution of all issues and provision of fruitful activities.

- Taking into consideration the situation with the difficulty of the licensing process while business starting, the Ministry of Economic development is keen on conducting permanent licensing on several types of business activities in the country. "We consider that there is an opportunity for issuing permanent licenses, because in case the terms are violated, they can be recalled or cancelled. So, several types of activities can be regarded as exclusive," Heydar Babayev, said. At present, work is carried out over distinguishing the sphere of activities, which can be issued permanent and fixed-term licenses. At the decree on Types of activities requiring special licensing by the Azerbaijan President Ilham Aliyev, dated 29 December 2006, a list, sum of duties and organizations licensing have been determined. The list includes 50 types of activities. Earlier the list included 37 types, whereas previously 204 types. This year one more type of activities has been added to it - ranging from sale to fabrication of gold wares the state duties for issue of license varies from AZN 220 to AZN 25,000.

- Over 1.5-2 years Azerbaijan is probable to see next changes in corporate tax rates (profit tax), which is in force since 2006 at the level of 22%. At present there are 9 types of taxes in Azerbaijan, whereas by 2001 it was 13. The profit tax rate in Azerbaijan is very low compared to other European countries, but at the same time entrepreneurs feel necessity in privileges for support to the development of entrepreneur activities.

- In 2008 Azerbaijan will carry out serious reforms in border trade, which is considered unprofitable due to administrative and other expenses. At the author's advice, to increase the export opportunities of the country it is necessary to draw attention to removal of unpredicted expenses at customs places. Currently, work is done in the direction of improving the Customs Code. As part of the process of entrance to the World Trade Organization (WTO), definite decisions will be taken on customs rates shortly.

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Turkish, Russian military personnel to jointly patrol in Nagorno-Karabakh - Turkish MoD
Azerbaijan shows footage from Abdal, Gulabli villages of Aghdam district (VIDEO)
Egyptian air operator enters Uzbek market
Uzbekistan to introduce changes to electricity payments in 2021
Iran assigns more funds to complete unfinished projects
Turkmenistan's Turkmennebit opens tender for purchase of equipment
Azerbaijan’s startup sector expects big investments
Iran's ten-month import of steel from Turkey drops
Tesla set to breach $500 billion in market value
State budget for 2021-2023 approved in Kazakhstan following amendments introduction
Kazakhstan's bitumen output exceeds 2020 plan as maintenance works held country-wide
Port of Baku reveals total 10M2020 cargo shipments
New railway vehicles put into operation in Iran
Iran`s Zarif to visit Moscow and Baku despite postponement
Kazakhstan looking to double renewables share in electricity production
Iran continues to cut reliance on oil revenue
Volume of container transshipment between Kazakh, Azerbaijani ports almost triples
LUKOIL refusing plans to construct giant petrochemical complexes
Iran, Qatar sign an extensive Memorandum of Understanding to facilitate cooperation
Switzerland names main trade statistics with Turkmenistan
Dry cargo transshipments through Baku port grow in 10M2020
LUKOIL says reducing oil exports to Europe is inevitable
Georgia receives new buses of modern standards
Georgian hazelnuts exports up
Georgia sees increase in export of tangerines
Ryanair wants to be 'at front of queue' for new 737 MAX order
Azercell’s Mobile Eye Clinic joins campaign for IDPs initiated by the UN (PHOTO)
El Al to launch Tel Aviv - Dubai flights next month
Kazakhstan’s third-quarter economic performance benefits from recovery of oil prices
Azerbaijan informs UNESCO, ISESCO about results of initial monitorings on liberated areas
Turkmenistan’s private sector participates in dev't of poultry farming
Iran discloses plan on creation of new jobs in Yazd Province
Destroyed Armenian positions firing at Azerbaijani army during recent hostilities shown (PHOTOS)
Central Bank of Azerbaijan discloses data from foreign exchange auction
CBI announces Iran's external debt
Azerbaijan starts to grow bananas - Azerbaijani Ministry of Agriculture
Azerbaijani servicemen help Armenians to move belongings from villages of Aghdam district (VIDEO)
PAYSIS expanding range of innovative services in Azerbaijan
Iran reveals COVID-19 data for November 24
E-Space reveals volume of EVs registered in Georgia
Azerbaijan discloses volume of tobacco harvested this season
Russian insurance agency to fund Uzbekistan’s hydrocarbon raw materials production
Iran to boost apple production
Georgia reveals volume of exported apples
Income of Chinese contractor of infrastructural projects in Georgia up
We were able to get necessary international support in key issue for us - President Aliyev
LUKOIL says $40/bbl is worst case scenario for oil prices
If we had not created necessary legal framework for resolving conflict, we could have faced problems today - President Aliyev
Iran registers order at COVAX to buy vaccine
Air traffic reduces in Georgia - EUROCONTROL
Second asphalt layer of Ashgabat-Turkmenabat highway being laid
Russian Export Center discloses value of support for exports to Azerbaijan
Azerbaijan's import of limestone, cement down in 10M2020
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