Release of Insurance Companies from Income Tax is Azerbaijan’s Anti Crisis Measure:  Insurance Control Department Chief

Azerbaijan, Baku, 28 October / Trend , corr. U.Ismayilova /Release of a part of incomes from tax, which is directed to increase the authorized capital for insurance, re-insurance companies and banks in Azerbaijan may be understand as anti crisis measure of the Government, Namik Khalilov, the Chief of the Insurance Control Department of Azerbaijan's Foreign Ministry, said.

"This measure will allow to participants of the financial market to cut risk of direct or indirect influence of the world financial crisis on their activity through increasing capitalization rate," Khalilov said.

The world financial crisis does not have a direct influence on the activity of insurance companies in the country, as they do not take part in operations in stock exchanges, but only indirect influence is possible.

The financial crisis, according to Khalilov, first of all, may be sensible in re-insurance of large risks in foreign companies, which may face bankruptcy.

Theoretically insurance companies may loose their money, which were invested in banks. "However, the Government has enough financial resources to support participants of the financial market from the critical situation.  In its turn the acceptance of the Bill to release part of income from tax is directed to increase resistibility of the financial sector in the country to the negative influence of the world financial crisis," Khalilov said.

Last week the Parliamentary Commission on Economy Policy discussed the proposals on release of Azerbaijani banks, insurance and re-insurance companies from 1 January 2009, from tax paying on the share of incomes, which has been directed to raise capitalization rate. The key goal of the bill is to accelerate the financial development rate, raise quality of services in banks and insurance sector, and stimulate the raise of companies' capitalization rate.

The income tax is 22% in Azerbaijan. There are 45 banks, 28 insurance and one re-insurance company in Azerbaijan.

Azerbaijani Finance Ministry reported that companies gathered premiums in the amount of AZN 148.7mln with AZN 40.4mln payments from January to September.

The correspondent can be contacted at: [email protected]

State Oil Fund of Azerbaijan launches tender for printing work
State Oil Fund of Azerbaijan launches tender for printing work
Central Bank of Azerbaijan announces tender for vehicle maintenance
Central Bank of Azerbaijan announces tender for vehicle maintenance
Azerbaijan's ASCO opens tender for purchase of steel pipes
Azerbaijan's ASCO opens tender for purchase of steel pipes
Loading Bars
Latest
Uzbekistan and Kazakhstan finalizing negotiations on launching Silk Road Visa
Israel delivers 120 strikes at targets in Gaza Strip over past day
World Bank helping Georgia to develop SMEs
UK records another 2,412 coronavirus cases, 7 deaths
Retail turnover of computers, equipment in Azerbaijan grows since early 2021
Azerbaijani Finance Ministry places medium-term bonds on auction
Azerbaijani FM, Turkic Council Sec-Gen hold phone talks
Azerbaijani Agriculture Ministry to allocate funds for power supply of scientific research institute
Azerbaijani defense minister meets with delegation from Belarus (PHOTO/VIDEO)
Center under Azerbaijani Finance Ministry to allocate funds for maintenance
Azerbaijan discloses timeframe for putting 'Zarifa Aliyeva' vessel into operation
Iran’s Bahar Azadi gold coin price rebounds
Iran's Energy Exchange announces products to be on sale on May 19
Volume of ready-made clothes exported from Turkey to Austria up
Ministry discloses volume of cargo transshipped through Turkish Antalya port
Volume of cargo from South Korea transshipped through Turkish ports disclosed
Trading Economics reveals Georgia's inflation rate
Ministry discloses volume of cargo from Netherlands transshipped through Turkish ports
Ministry discloses volume of cargo transshipped through Turkish Samsun port
Volume of cement imported by US from Turkey disclosed
Uzbekistan, Russia's Kazan consider launching direct flights
Ministry discloses volume of cargo transshipped through Turkish Tekirdag port
Belarus, Azerbaijan demonstrating high level of interaction, cooperation today - President Aliyev
Azerbaijan traditionally been our friend and ally - Belarus defense minister
Export of Kazakh agro-industrial products notably grows in 2020
Kazakhstan reports multifold growth in container traffic
Turkey sees increase in exports of locally-made electrical goods to US
Ministry discloses volume of cargo transshipped through Turkish Zonguldak port
Number of client accounts in Azerbaijani banks increases
Azerbaijan to increase Virginia tobacco production
Turkey’s export of clothes to Uzbekistan up
Uzbek republican stock exchange reveals number of transactions for April 2021
New export opportunities to appear for locally produced beer – Azerbaijani minister
Georgia to establish snail meat plant, backed by Italian investment
Quarterly data on cargo shipment via Turkish Cesme port revealed
Royal Caribbean cancels all Israel cruises
Kazakhstan boosts petroleum oil exports to France
Equinor closely working with Kazakh KazMunayGas on geophysical studies
Russia's Ministry of Industry, Trade reveals data on joint projects with Turkmenistan
Uzbekistan, Netherlands consider establishing co-op in livestock breeding
Azerbaijan's ASCO opens tender for purchase of steel pipes
AZINNEX talks about Azerbaijan's potential to multiply technology exports by 2030
Russia closely following situation over Armenian-Azerbaijani border incident - MFA
Kazakhstan decreases raw sulfur production volumes
Uzbekistan notes increase in car sales
Georgia increases imports of electricity from Azerbaijan
Turkey announces substantial growth in cement exports to Uzbekistan
Iran to issue loans for dev't of beekeeping sector
Azerbaijan unveils number of citizens vaccinated on May 18
Turkey publishes quarterly data on cargo shipment via local ports from Spain
Azerbaijan confirms 432 more COVID-19 cases, 1,024 recoveries
Azerbaijan suspends import of poultry products from some countries due to bird flu
High revenues from State Oil Fund keep Azerbaijan's state budget surplus - WB
Indian DRDO’s 1st batch of anti-Covid drug 2DG launched
Kazakhstan’s Nostrum unveils oil extraction volumes for 1Q2021
Iran's private sector to start importing COVID-19 vaccine
Iran discloses volume of sprat caught from Caspian Sea
Restoring landscapes to reduce poverty gap in Georgia - WB
Georgian Credo Bank attracts funds from EFSE, GGF to support rural micro and small entrepreneurs
EBRD ready to expand co-op with Turkmenistan
Iran's NISOC to implement projects to collect flare gas
Azerbaijanis hold protest rally in front of UN Campus in Germany (PHOTO)
Revenues of Kazakhstan's Nostrum Oil & Gas down
Georgia sees increase in unemployment rate
Finnish Nokia interested in introduction of 5G technologies Uzbekistan
Turkey notes decline in export of grain, legumes to Turkmenistan
Lending to Azerbaijan's energy, chemistry & natural resources sector up
Value of Turkish chemicals export to Germany rises in 4M2021
Uzbekistan receives third batch of Chinese-Uzbek COVID-19 vaccine
Overview of Turkmen tourism sector's development
Iran’s GTC begins wheat purchasing in Razavi Khorasan Province
Lending to trade & services sector grows in Azerbaijan year-on-year
Iranian parliament issues statement on nuclear discussions
Azerbaijan competing with global leaders in export of high-tech products - AZINNEX
President Ilham Aliyev receives Belarus defense minister
Armenia's vandalism against Azerbaijan’s cultural heritage - flagrant violation of int’l law
Kazakh uranium extracting company opens tender to buy pipes
WB talks stabilization of consumer price index in Azerbaijan
Iran's capital market to increase support of refinery industry - Securities and Exchange Organization
Azerbaijan Railways announces increase in freight traffic
SME Development Centers holding free trainings for entrepreneurs in Azerbaijan
Vladimir Putin: Both parties to Israeli-Palestinian conflict need to end violence
Azerbaijan shares data on 4M2021 oil exports to Israel
Iranian contractors awaiting to build railway in Iraq's Basra
Ministry discloses volume of cargo transshipped through Turkish Gemlik port
Iran reveals COVID-19 data for May 18
Turkmenistan may participate in new transport corridor
Austrian companies eye cooperating with Uzbekistan in energy sector
Total annual energy investment to surge by 2030
Iranian energy minister talks electricity generation, water shortages
Volume of cement imported by Austria from Turkey disclosed
Ministry discloses volume of clothes exported from Turkey to Turkmenistan
Georgian Prime Minister to visit Spain
Azerbaijan's liberated Zangilan district to become transport hub of region - CAERC
Turkmenistan invites Russia's Tatarstan to take part in country's infrastructure projects
Uzbekistan, Kyrgyzstan eye increasing potential of transport corridor to China
Iran’s PMO unveils volume of cargo loaded, unloaded in Jask port
Iran boosts aluminum ingots production
Electricity facilities put into operation in Iran
Kazakhstan's export to EAEU states grows over six years
All news