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Introduction of online business registration in Azerbaijan to save 1mn manat annually

Business Materials 7 July 2011 20:36
According to initial assessments, the introduction of online registration of individuals engaged in entrepreneurial activities by the tax authorities of Azerbaijan will allow to save about one million manat per year.
Introduction of online business registration in Azerbaijan to save 1mn manat annually

Azerbaijan, Baku, July 7 /Trend, N.Ismayilova/

According to initial assessments, the introduction of online registration of individuals engaged in entrepreneurial activities by the tax authorities of Azerbaijan will allow to save about one million manat per year, head of state registration of commercial entities and economic analysis department at the Taxes Ministry Zaur Fatizade said Thursday.

Since July 1, the Taxes Ministry of Azerbaijan started online registration of individuals engaged in entrepreneurial activities without establishing a legal entity.

"If in the first half of 2010 18,684 business entities were registered, in the first half of this year their number reached 30,809, said Fatizade. - For the first seven days of the introduction of online registration of individuals on the website of the Ministry, 75 individuals have received taxpayer identification number. "

It is assumed that the introduction of this type of registration would further increase the number of taxpayers, Fatizade said. According to him, the introduction of online registration will reduce the time required to check from two days to 2-3 minutes, increase the efficiency of the activities of the tax authorities.

Registration can be done through tax terminals, which now total 27 in the country. Document confirming the registration will be at the Taxes Ministry and any person who has passes the registration may appeal to the department and obtain the document.

Official exchange rate on July 7 is 0.7870 AZN/USD.

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