The Ministry of Taxes and the Central Bank of Azerbaijan expect to receive from the World Bank (WB) technical assistance in the implementation of the project to stimulate cashless payments.
According to the ministry, it was discussed at a meeting of First Deputy Minister of Taxes Natig Amirov with the WB delegation headed by the economist on Azerbaijan Kongyan Tan. Local structures have already prepared a draft agreement on support of the initiatives.
The support consists of familiarization with international experience to stimulate non-cash payments, draft the final report, assess the current situation in the country in this field and its impact on the budget, determine the role of the tax authorities in the promotion of non-cash payments, etc.
According to Tan, in the future, the World Bank will consider providing technical assistance to ??the Ministry of Taxes in creating an information system of municipal revenues in local government.
Azerbaijan has been a member of the World Bank since 1992 and it has received $3.3 billion in loans from WB for the implementation of 51 projects. At present it continues to implement 17 projects. --17D-
Economics
-
As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
-
Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
-
As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
-
Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
Leave a review