Cash as Threat to Business in Azerbaijan

“Entrepreneurship in Azerbaijan more than at one-third does not recognize documentation and is based on cash payment. According to the World Bank, only 65% of businesses (mostly individuals) have bank accounts, which is a serious problem in terms of tax revenue.

As stated at the traditional IV forum "Tax system in Azerbaijan: realities and prospects" by the head of the local representation of WB Larisa Leshchenko, the World Bank is ready to assist Azerbaijan in solving this problem. According to her, a low level of non-cash payments is a serious problem for the country because the government should take serious measures in the promotion of non-cash payments, in particular to promote business, as well as informing the public.

"In the US, where I used to live, everyone enjoys payment cards, and I returned to Baku at the time when they do not use non-cash payments," said the expert, adding that the challenges currently facing the economy the country are caused by the decline in oil prices and other global processes. They are not one-day and continue in the medium term," said Leshchenko.

According to her, the World Bank predicts the average price of oil at $ 53 per barrel in 2015, $ 57 - in 2016. "In these conditions it is important to develop new programs, a new economic model in Azerbaijan and the World Bank will help in the local government," she added .-- 17D-

Leave a review


Follow us on social networks

News Line