Over Ten Foreigners Banned from Leaving Azerbaijan because of Tax Debts
The Ministry of Taxes has published a list (http://goo.gl/N4Ft3Y) of companies, the leaders of which are prohibited from leaving the country because of tax debts. Among them there are many foreign citizens.
The list includes 313 leaders of companies, and in a number of them directors are the same people. Forbidden from leaving the country are directors of about 10 housing co-operatives. Most are little-known companies. But there are several well-known companies (Accord Hydrotechnical Construction Company, NJT-2000, Azercot, Kazbegi Azerbaijan, Aicon Spit, Navanord Agroprom, etc.).
Several foreign companies, which are led by foreign nationals, owe the state budget. These are LLC Faroz, Beteko Group, Akser, E 27, Raduga Stroy, Lindner, EMCN Yapi Endusrtiyel Insaat Sanaye ve Ticaret, Az-Baysped Lojistik, representative of Endiseyi Orman Tebriz, representation of the company Kemoniks Interyesnl, Inc. and others.
The Ministry of Taxes does not report the amount of the tax debt, although it is not considered information closed to public. ---08D
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review