The Ministry of Taxes has three times reduced the time required for the state registration of commercial legal entity. According to the information on the site, this is done in accordance with the order of the head of the ministry, Fazil Mammadov, according to which the corresponding administrative regulations and rules have changed.
According to the innovation, the period required for registration has been reduced from 3 to 1 days and for electronic registration valid for a maximum of 1-3 days it is also defined in one day.
Also introduced is a rule on the provision of an online-mode electronic certificate of commencing or canceling tax registration. The innovation came into effect from 20 February.
As of February 1, the number of registered taxpayers reached 616,242, which is 71,261 or 13% more than in the same period in 2014. The ministry does not monitor the causes of the closure of many newly formed companies.--17D-
Economics
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Azerbaijan's tourism industry has shown marked signs of recovery and growth in the first nine months of 2024, underscoring the sector's resilience and adaptability in the post-pandemic landscape. As of September 2024, nearly 2.086 million foreign tourists visited Azerbaijan, a robust increase of 30.2% compared to the same period in 2022. The country witnessed a particularly strong performance in July 2024, with 271,591 tourists—a 21% rise from July last year.
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Freight traffic along the Trans-Caspian International Transport Route has shown a remarkable increase in the first nine months of 2024, bolstered by a concerted push from participating countries to enhance their transport corridors and logistical frameworks. The strategic corridor, which links Asia and Europe via the Caspian Sea, has seen cargo volumes surge by 2.7 times compared to the same period in 2022, highlighting its growing significance as a viable alternative to traditional trade routes.
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In September 2024, the prices of building materials in Baku increased by an average of 0.9% compared to the previous month, reflecting a stable yet slightly inflationary trend in the construction sector. This trend has been driven by a mix of local demand factors and fluctuations in import prices, particularly for materials such as timber and rebar.
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The British Islamic Trade Association and the Association of Food and Beverage Producers of Azerbaijan signed a Memorandum of Understanding (MoU) during the first Azerbaijan Halal Business and Tourism Forum (AZHAB Forum), held in Baku on October 8-9, 2024.
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