Azerbaijan monitors tax legislation
Azerbaijan, Baku, April 28 / Trend N. Ismayilova /
Azerbaijan has monitored the tax legislation to remove obstacles in economic development of the country, the head of the department for strategic studies and tax policy of the Ministry of Taxes Akif Musayev said at the first conference on taxation in Azerbaijan, "In Search of the Right Way".
It was organized by the American Chamber of Commerce in Azerbaijan (AmCham).
"The tax authorities of Azerbaijan have cooperated with AmCham for a long time and discuss various issues and problems in this area," he said. "These discussions have an important role in shaping the tax policy of the country. They are aimed at improving the tax system and forming a new phase of its development".
He said that many reforms were conducted in the tax system of Azerbaijan. The process is underway now. Azerbaijan was able to achieve a high level of servicing the taxpayers among the CIS countries and Eastern Europe.
"The country's economy is developing," he said. "It is necessary to carry out new reforms in accordance with this development. The amendments to the Tax Code are under preparation. But the project has not been ready yet. It is still under discussion. The Ministry receives various proposals, but there will be no fundamental changes in the tax legislation".
He said that monitoring of the tax legislation and eliminating the laws that impede economic development to encourage the transition to innovation economy is a long process.
"The global economic crisis showed the need for such measures," he said. "As the experience of European countries shows, they are necessary to stimulate the economy".
AmCham board member Alum Bati said that the Chamber's proposals include reducing the tax burden, avoiding duplication in the legislation, introducing the counting of statistics and the access to it, avoiding conflicts of interest and close cooperation with the business community.
The main purpose of the conference is to determine the correct way of implementing future reforms in taxation, their possible impact on the country's economy, the development of the non-oil sector and how Azerbaijan ranks in relation to other countries.
AmCham is the leading business association in the country. It provides the best opportunities to establish business contacts. AmCham was established in 1996. It includes over 190 companies operating in each sector of Azerbaijan's economy. The Chamber represents 80 percent of all foreign investments and a significant portion of Azerbaijan's domestic investments.