On June 8 came into force criteria of large, medium and small businesses, approved by the Cabinet of Ministers of Azerbaijan.
According to the report on the government website, the criteria were adopted in accordance with the requirements of the law "On regulation of business checks and protect the interests of entrepreneurs", which entered into force in 2013.
According to the document, the Ministry of Taxes is instructed to submit to the State Statistics Committee data on the annual income of businesses (not later than 20 April of the following year). The same data in the same time frame will be received by the Ministry of Labour and Social Protection, which will be submitted figures on the number of employees.
The State Statistics Committee no later than 10 May of the following year will classify entrepreneurs based on the approved criteria and present this list to the single register of data on inspections conducted in the field of entrepreneurship. --17D-
Economics
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Azerbaijan's metallurgical and manufacturing sectors are experiencing a dramatic upswing, with steel rebar production climbing 78% in October 2024 compared to the same period in 2023. Over the first ten months of the year, the country produced 382,900 tons of rebar, underscoring significant progress in domestic output and industrial capacity.
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Steel production in Azerbaijan is on the rise, growing by 19% in 2024, signaling recovery in a sector often regarded as an industrial health indicator. Bolstered by increased demand from the construction and oil and gas industries, this steady growth underscores broader efforts toward economic revitalization.
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Azerbaijan's Energy Minister Parviz Shahbazov announced on the social media platform X that on Tuesday, he held discussions with Guinea-Bissau's Foreign Minister Carlos Pinto Pereira about potential energy partnerships. The meeting highlighted Guinea-Bissau's interest in Azerbaijan's expertise in energy, particularly in green energy, decarbonization, and oil and gas development.
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Azerbaijan’s strategic foreign exchange reserves surged 7.3% in the first nine months of 2024, reaching $73.5 billion, according to the Central Bank’s recently published Monetary Policy Review.
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