It is necessary to improve the system of taxation on the sale of the collateral, the head of the Board of Directors of the Financial Markets Supervision House Rufat Aslanli said.
He drew attention to the problem of taxation on the sale of collateral put by businessmen.
“A bankrupt businessman sells his mortgaged property. Upon the sale of the collateral the amount received will be charged tax and other expenses. As a result, the amount received from the sale of the collateral is not enough even to pay off the debt. A bankrupt businessman among other issues also has the problem of a debt owed to the bank,” Aslanli said.
The head of the FMSH Board of Directors said that to address this issue they are looking for a way out. According to him, there are several suggestions that will be discussed with the government. -71D-
Economics
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Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
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The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
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BP plans to drill 19 wells at the Azeri-Chirag-Guneshli (ACG) oilfield block in 2025, maintaining its drilling activity at the same level as in 2024, a senior company executive said on Tuesday.
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The International Association of Drilling Contractors (IADC) opened its annual "IADC Drilling Caspian" conference in Baku on Tuesday, bringing together industry leaders to discuss advancements in oil and gas drilling, as well as the growing role of geothermal energy.
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