changes have been made to the Tax Code of Azerbaijan”/>
From 2021 to 2023, 206 changes were made to the Tax Code of Azerbaijan.
This was stated by the head of the Main Department of Tax Policy of the State Tax Service, Nijat Imanov, at the event “Cooperation with business associations adn entrepreneurs and its results,” Day.Az reports with reference to Trend.
“Over these years, 82 changes were made related to improving management and maintaining positions in international rankings.
At the same time, in connection with the optimization of the tax burden and changes of a social nature, 76 changes were made, and in connection with the expansion of the tax base and the fight against the shadow economy – 48,” saeid N. Imanov.
It should be noted that the State Tax Service under the Ministry of Economy held an event on the topic “Cooperation with business associations and entrepreneurs and its results.”
At the event, a presentation was made on changes made to tax legislation and administration in recent years, and also on the results of the interaction format created in the process of this activity together with relevant government agencies and business associations, business entities.
The event was attended by deputy heads of the State Tax Service Samira Musaeva and Ilkin Veliyev, head of the sector of the department of economic policy and industrial issues of the Administration of the President of the Republic of Azerbaijan Vusal Shikhaliyev, deputy head of the Main Department of Tax Policy Avaz Guliyev and other officials, as well as experts.
How will the recent modifications to the Tax Code impact foreign investment in Azerbaijan?
Interview with Nijat Imanov: Insights on Azerbaijan’s Tax Code Changes
Editor: Welcome, Mr. Imanov. Thank you for joining us today. your recent presentation noted that there were 206 changes made to the Tax Code of Azerbaijan from 2021 to 2023. Can you elaborate on the significance of these changes?
Nijat Imanov: Thank you for having me. these changes are crucial as they reflect our commitment to enhancing our tax system. Out of the 206 changes, 82 were aimed at improving management practices and maintaining our positions in international rankings. This not only boosts our credibility but also attracts foreign investment, which is vital for our economy.
Editor: That sounds promising. Could you explain the nature of the changes related to tax optimization and social impacts?
Nijat Imanov: Certainly. We made 76 changes focused on optimizing the tax burden for citizens and businesses. These changes are essential as they can lead to increased compliance and a more conducive environment for entrepreneurship. When the tax burden is manageable, businesses can invest more in innovation and growth, which ultimately benefits the economy.
Editor: With 48 changes targeting the expansion of the tax base and combating the shadow economy, what strategies are being employed to address these issues?
Nijat Imanov: Tackling the shadow economy is a priority for us. The 48 changes are designed to enhance oversight and accountability. This involves better collaboration with business associations and utilizing technology for more efficient tax administration. Our goal is to create a fair playing field where compliant businesses thrive, thus expanding our tax base and boosting revenue for public services.
Editor: You mentioned collaboration with business associations. How has this cooperation shaped the changes made in tax legislation?
Nijat Imanov: The collaboration has been instrumental. By engaging with business associations and stakeholders, we gain valuable insights into the challenges faced by businesses.this two-way communication allows us to design tax legislation that is not only effective but also strategically aligned with the needs of the business community. The recent event showcasing these changes was a testament to our ongoing dialog with key industry players.
Editor: For entrepreneurs and businesses navigating these changes, what practical advice would you offer?
Nijat Imanov: My advice would be to stay informed about the legislative changes. Engaging with local business associations can provide invaluable resources and networking opportunities. Additionally, I recommend utilizing professional tax advisors to ensure compliance and optimize tax strategies. Awareness and proactive measures will be key to leveraging the benefits of the new tax regulations.
Editor: Thank you, Mr. Imanov, for sharing these insights on Azerbaijan’s evolving tax landscape. It is clear that these changes aim to foster a more robust economic environment.
Nijat Imanov: It was a pleasure discussing this with you. we are optimistic about these changes and their potential to enhance Azerbaijan’s business climate. Thank you for having me.