In 2014, Azerbaijan’s 535 hotels and hotel-type facilities paid taxes to the state budget at only 28.2 million manats. This includes the VAT included in the price of hotel rooms.
According to Turan in the State Statistics Committee, last year's revenue of hotels from accommodating guests, sale of food and beverages, as well as services rental of premises for various events, etc. amounted to 181 million manats, an increase of about 10 million manats. The costs of operation of hotels for the year grew by only 1.6 million manats and reached 147 million manats.
Despite the increase in income, tax payments of companies providing hotel services for the year fell by 1,750,000 manats or 5.9%.
According to the SSC, hotels of Azerbaijan have more than 9 thousand workers. Over the past year the number rose by 750 people.
Hotels usually do not disclose their financial performance. Many of them have double-entry bookkeeping, in order to evade taxes.
Several years ago, the owners of hotels campaigned to eliminate the value added tax for the hotel business. --08B
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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