Since the beginning of the year (as of 1 September) the Ministry of Taxes of Azerbaijan in the on-line mode registered 40,483 physical persons engaged in individual business.
This kind of "light" registration was introduced on July 1 last year, but it gained popularity from the beginning of January this year. The peak of popularity of the services was achieved in H2. From July 1, they registered 10,080 entrepreneurs.
According to the official website of the Ministry, the total number of businesses and individuals registered in January-August is 49,406 people. In all, the total number of taxpayers (businesses) across the country is 462,110.
The on-line registration process is much easier for individuals who decide to engage in private business. In just a few minutes future entrepreneurs can claim intentions through the official information portal of the Ministry of Taxes, or local government.
At registration a unique code and encrypted password are given. Through this encrypted password in the future, they are able to provide tax returns electronically.
This registration system allows entrepreneurs to submit an application for registration from any location via the Internet. -17D-
Economics
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On December 10, President Ilham Aliyev of Azerbaijan has signed a decree amending the 2014 presidential order on the management of the Shah Deniz Phase 2 gas-condensate field and Southern Gas Corridor (SGC) projects, granting the State Oil Company of Azerbaijan (SOCAR) expanded control to ensure financial consolidation.
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In the period from January to November 2024, Azerbaijan's exports not related to oil and gas increased by 1.9% compared to the same period in 2023, reaching a total value of $3.1 billion. This growth, noted in the latest "Export Survey" published by the Center for Analysis and Communication of Economic Reforms, reflects the country's diverse and expanding export portfolio.
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In a significant step towards fostering cashless transactions, Azerbaijan has extended its innovative "Return VAT" program to include real estate purchases. Between January and November 2024, citizens recovered 160.3 million manat through the program, marking a notable milestone in the government’s efforts to promote digital payments and enhance consumer benefits.
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Entrepreneurs operating in markets across Azerbaijan will be required to register for taxation. Failure to do so will result in a financial penalty of 2,000 manat for each unregistered entrepreneur, imposed on market owners or administrators. This requirement is included in proposed amendments to the Tax Code, set to be discussed in Parliament.
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