“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-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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