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IFC propose creating universal business registry service at taxes ministry of Azerbaijan

Business Materials 17 December 2009 17:18 (UTC +04:00)

Azerbaijan, Baku, December 17 / Trend , I.Khalilova /

The International Finance Corporation (IFC) has submitted to the Ministry of Taxes of Azerbaijan its recommendations for improving the business register, for the discussion of which the ministry held a meeting with the heads of structural departments of the tax agencies, said Ministry's official newspaper "Vergilyar" ("Taxes"). Consultancy services to the Ministry of Taxes are provided by the IFC within the project to improve the investment climate in the country.

Presenting the recommendations of the IFC, the legal adviser of the IFC Baku office Fakhriyar Jabbarov said that it needs to create a perfect and acceptable system to make it possible to obtain the data through the Internet. He spoke about the benefits of the experience of Britain and Ireland.

The recommendations reflected the process of obtaining data about the company presented within the universal service registry. The Financial Corporation offers introducing paid services for obtaining data (documents), although this service can be provided free of charge. If necessary, the companies should have the right to receive free information about itself.

The meeting also discussed the benefits of the on-line registry, the introduction of which will reduce costs and loss of time. In addition, this register will play a great role in obtaining data which is interest for entrepreneurs, and expanding their activities.

"It will also improve the accuracy of data on business partners, said Jabbarov. Introducing these processes improves the rating of Azerbaijan in the Doing Business report".

Meanwhile, during the introduction of universal service registry it is necessary to pay attention to the fact that some data may be a trade secret, so such information shall be provided  in accordance with the requirements of tax legislation.

The registry of the commercial enterprises obtaining the state registration in Azerbaijan through "single window" principle has been devised since 1 January 2008, and since 2009 this system has been introduced at customs checkpoints.

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