The site of regulations (http://huquqiaktlar.gov.az/StatementDetails.aspx?statementId=33375) published "Rules for simplified identification and verification" approved by the Central Bank of Azerbaijan Republic (CBA).
According to the document signed by the head of the main financial regulator Elman Rustamov, the need for its adoption is related to the prevention of legalization of criminally obtained funds and property, as well as the financing of terrorism.
Simplification of the identification and validation of documents will depend on the degree of risk of the transaction. So will be simplified loans to individuals and money transfers within the country below the set limit (5,000 manat) for operations with government securities, the payment of wages, pensions and benefits to insurance services other than life.
The subjects of the simplified identification and verification are insurance companies (excluding life insurance), notaries, auditors, public bodies, international organizations, of which Azerbaijan is a member, and joint-stock companies listed on stock exchange, other than credit institutions. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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