Futher changes will be made in the Tax Code of Azerbaijan, said at today's press conference in response to orders of the President on August 4 "On the improvement of the tax administration and approve directions of reforms carried out in the tax area in 2016," the deputy minister taxes Ilkin Veliyev. According to him, first of all it is necessary to tighten control over the operations of the country's citizens, carried out in the territory of offshore zones, as well as to encourage non-cash payments by a decrease in average tax rates. He touched the introduction of the system Tax Free, carried out from 16 June to foreigners. According to official data, beginning from this date more than 104 million manat was transferred to citizens of 45 countries (80% VAT on the purchase of specialized stores at the territory of Heydar Aliyev International Airport Deputy Minister did not rule out the possibility of its application in all other checkpoints of Azerbaijan. - 17D-
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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