On 1 january in Azerbaijan will begin a tax amnesty, which affect more than 42.000 people. At the briefing the Head of the Tax Crimes Analysis of the Ministry of Taxes Zeynalabdin Mammadzade said that amnesty will be implemented as part of the bill, which is submitted to the plenary session of Parliament. After its adoption will be possible to write off taxes of 44.000 taxpayers, Mammadzade said. According to him, it will stimulate entrepreneurship, support entrepreneurs, and increase economic activity.
Referring to the amount of funds that the state is prepared to delete, Mammadzade called debts of
$624 million manats. With regard to the nature of the debt will be written off the accrued interest and part of the financial sanctions. In January 2017 while paying 30% of the sanctions, 70% will be deleted automatically.
On interest debts will be written off more than 386 million manats, including the debt of the public sector by 125 million manat. Total will be deleted tax penalties of 13,780 taxpayers amounting 234 million manat. The total tax debt in the country is more than 1.5 billion manat. -02D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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