Expectations from Azerbaijan and ADB cooperation

With Donald Trump’s return to power in the United States, radical shifts in domestic and foreign policy have begun to impact global markets, with these effects expected to expand further. The energy and securities markets appear to be among the most affected sectors, leading to significant implications for the State Oil Fund of Azerbaijan (SOFAZ) and the State Oil Company of Azerbaijan Republic (SOCAR).

Celebrating its 25th anniversary, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) [1] has had its budget proposals reviewed by the Chamber of Accounts since 2018[2]. Previously, SOFAZ's budget proposals were approved directly by the country's president without the opinion of the Chamber of Accounts.

In the territories of Karabakh liberated from Armenian occupation, the clients of reconstruction and redevelopment projects are various state institutions. Among them are several central executive authorities, such as the State Agency of Azerbaijan Automobile Roads, the State Committee for Urban Planning and Architecture, the State Housing Construction Agency (MIDA), the State Committee for Refugees and Internally Displaced Persons, and others.

The deduction of expenses for food, housing, and representative costs from income has always been a topical issue from a taxation perspective, frequently discussed in relation to the extent of deductions allowed for workers' food and housing expenses and entrepreneurs' representative expenses.