AmCham Welcomes Economic Reforms in Azerbaijan

American Chamber of Commerce in Azerbaijan (AmCham), a business association of international and national investors operating in Azerbaijan, continues successful dialogue with the Government of Azerbaijan related to major economic reforms. The dialogue agenda includes a number of areas, such as improvement of an operational environment for private sector and making the country more attractive for foreign investment. It is noteworthy that this constructive dialogue results a number of positive reforms undertaken by the government.

One of those significant reforms is the support of the President of the Republic of Azerbaijan Mr. Ilham Aliyev to the proposal to increase the threshold for tax evasion leading to criminal prosecution. The amendment to Article 213 of the Criminal Code, became effective as of 1stJune 2016, raises this threshold for prosecution of tax evasion in large amount from AZN 2 000 to AZN 20 000 and for serious tax fraud from AZN 50 000 to AZN 100 000.

The Chamber believes that this amendment will contribute to the increase of mutual trust between taxpayers and tax administration, fair treatment and improve voluntary tax compliance:“We look forward to continuing our productive dialogue with the government and trust that similar progress will be achieved in many other areas. AmCham is committed to work with all of its partners to strengthen the Azerbaijani economy and improve its global competitiveness”.

* AmCham Azerbaijan is the leading business association supporting and promoting the interests of business in Azerbaijan. Being one of the largest and the most influential organizations in the country we provide the best networking opportunities. Our mission is to promote the business interests of our members by working to improve the business climate in Azerbaijan and to provide services to our members. Established in 1996, AmCham is composed of over 280 Members and Associates active in every sector of the Azerbaijani economy. The Chamber represents 80% of all foreign and a significant portion of the local investment in Azerbaijan. –08D----

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