Simplification of tax procedures promoted Azerbaijan on 77 position in the world
After simplification of tax procedures and the transition to a single window business registration Azerbaijan occupies a niche middling.
In a review of Paying Taxes 2014 (http://www.pwc.com/gx/en/paying-taxes/assets/pwc-paying-taxes-2014.pdf), prepared by the World Bank and the international auditing company PwC, place the country among the 77 189 countries around the world.
Average taxes in the country accounted for 40 % of earnings of entrepreneurs (including individuals) on their pay out 214 hours a year (up to 2011 was more than 500 hours), with 18 mandatory payments. For comparison - in the world of the average tax burden of 43.1 % at 268 hours for payments and a much larger number of payments ( 26.7 ) .
The share of the burden of income tax (profit tax) in Azerbaijan is 12.9 % versus 16.1 % in the world for income tax (labor tax) - 24.8% versus 16.3 % in the world, for other taxes - 2.3% vs. 10.6 % of the world. - 17D-
Economics
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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.
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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.
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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.
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"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.
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