Since the creation of the online portal www.edvgerial.az Azerbaijani citizens took the opportunity to refund value added tax (VAT) in real estate transactions. The numbers speak volumes: over 14 thousand applications have flooded the portal, signaling a significant demand for VAT refunds on residential and non-residential properties purchased through cashless transactions. However, behind these figures lies a complex landscape of financial regulation and administrative hurdles.
The prospect of artificial diamond production taking root in Azerbaijan has sparked both intrigue and skepticism within economic circles. Zakir Ibrahimov, Chairman of the Board of "Azergold" Closed Joint-Stock Company (CJSC), announced plans for establishing a facility in the ALAT Free Economic Zone to manufacture laboratory-grown diamonds. While the initiative holds promises of economic diversification and job creation, experts caution against the challenges posed by market demand and competitive dynamics.
In January 2024, the State Property Service, operating under the Ministry of Economy, made a contribution to Azerbaijan's state budget, remitting 15.3 million manats derived from the privatization and lease of state-owned assets.
Azerbaijan and Turkey have made significant progress in strengthening their economic partnership by expanding the list of duty-free exports of goods between the two countries.
According to Turkish media, according to the protocol to the Preferential Trade Agreement approved on February 21, 2024 at the General Assembly of the Grand National Assembly of Turkey, wine and fermented alcoholic beverages, mulberries, quince, ferrous metallurgy products and packaging materials can be supplied to Turkey from Azerbaijan without customs duty.