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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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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