During 2013 State Oil Company of Azerbaijan (SOCAR) ensured 23.6% of all tax proceeds to the state budget of Azerbaijan, reads the SOCAR report of stable development for 2013 posted on the official web site of SOCAR.
The report reads that in 2013 6,663,400,000 AZN has been transferred to the state budget as taxes. Of this sum 1,574,494,000 AZN were the assignments of SOCAR. This means that in 2013 SOCAR’s share in the tax proceeds to the state budget constituted 23.63%.
SOCAR is the tax payer No1 in the country.—0—
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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