From now on, Azerbaijani banks will legally transmit to foreign countries information on depositors - the citizens of these countries. The innovation came into force corresponding Presidential Decree approving the amendments to the Tax Code.
Thus, tax reporting local banking system has become "part of the" American system of FATCA (Foreign Account Tax Compliance Act). On updating national regulations to the amendments set aside three months and departmental standards - five months.
Now, local banks, non-bank lending agencies and other structures that have a license to conduct financial transactions can transmit the competent authorities of states with which Azerbaijan has international agreements, information about financial transactions of individuals and entities from these countries within the framework and under the rules established by the Azerbaijani executive authorities.
Amendments to the laws on insurance and banks allow Azerbaijani insurers transmit such statements either directly or through an authorized executive authority. - 17D-
Economics
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The Turkish company Aksa Doğalgaz, part of Kazancı Holding, has announced the completion of the contractual process to purchase the gas distribution companies Bursagaz and Kayserigaz. These companies have been operating under SOCAR Türkiye Energy AS (STEAS) since 2019, according to Aksa Doğalgaz.
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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