Weekly actual topics in Azerbaijan (June 10-14)

Azerbaijan to adhere to policy of reducing private sector's tax burden

The Ministry of Taxes of Azerbaijan will continue to adhere to a policy of reducing the tax burden on the private sector.

This was stated in an interview of the Deputy Minister Natig Amirov, published in the journal Impact Azerbaijan. The journal is published by the American Chamber of Commerce in Azerbaijan (AmCham).

"The global financial crisis has fundamentally changed the fiscal model of many countries. For example, the European countries facing a financial crisis increased the tax burden, resorted to the elimination of benefits in many areas, and increased indirect and consumer taxes. At the same time, in order to insure against the anticipated next wave of the crisis, Europe is trying to adopt a special tax and to create financial reserves for a future crisis. During the period of the last financial crisis, the state, in order to maintain domestic markets, increased the volume of its investments, continued crediting the private sector, and made changes to the legislation for reducing the tax burden," Amirov said.

According to him, the amendments to the Tax Code, which came into force this year, are the most serious in the last three years and are aimed at reducing the tax burden, and this policy will continue in the future.

Black Sea Trade and Development Bank signs loan agreements with three Azerbaijani financial institutions

The Black Sea Trade and Development Bank (BSTDB), which is an international financial organisation has signed agreements with three Azerbaijani financial institutions.

The documents were signed following the Azerbaijan business forum held in Baku on Friday within the 15th annual meeting of the BSTDB board of governors.

Unibank signed the first loan agreement worth $5 million for five years.

According to BSBTD chairman Andrei Kondakov, this agreement is another contribution made by BSBTD in the development of the Azerbaijani economy.

Chairman of the board of Unibank Faig Huseynov stressed that the loan agreement is the fourth and another agreement is expected to be signed next year. BSBTD and Unibank have been cooperating for eight years.

Moreover, an agreement worth $10 million was signed with FINCA Azerbaijan credit institution. This organisation is the leader of the microfinance market in Azerbaijan which is of particular importance for the development of rural regions, Kondakov said.

FINCA Azerbaijan head Manish Sane thanked BSBTD for itse support and said that the allocated loan will be directed to expand lending in the regions.

The third agreement worth $4 million was signed with BSBTD and TBC credit.

Kondakov added that BSBTD is actively cooperating with Georgian TBC Bank and expressed satisfaction that the cooperation has been expanded in Azerbaijan. The allocated loan will be used for lending to small and medium-sized businesses.

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