Taxation reforms discussed at business forum in Baku

20:05   20 April 2017    1240

Key issues concerning changes in taxation have been discussed in Baku at the business forum organized by the Caspian European Club and Caspian American Club, and held with participation of Deputy Minister of Taxes of the Republic of Azerbaijan Ilkin Veliyev.

Addressing the business forum, Ilkin Veliyev spoke about recent reforms passed in the taxation system in order to support business and export-oriented enterprises. Ways to expand cooperation with the private sector were also highlighted at the meeting. Besides, issues that are of interest to member companies of the Caspian European Club and Caspian American Club were discussed.

Having thanked the Club’s management team for the establishment of the platform which helps to carry out an effective dialogue between the state and entrepreneurs, Ilkin Veliyev emphasized that the Ministry of Taxes is always open for discussions with entrepreneurs and public organizations they represent, and considers such discussions very useful in terms of development of entrepreneurship and addressing the problems facing it, as well as development of partnerships between the tax authorities and business structures.

Having informed the forum attendees about the latest changes in the tax legislation and administration, Ilkin Veliyev said that the Order “on the directions of the reforms implemented in the tax sphere” signed by the President of the Republic of Azerbaijan in mid-2016 has opened the way to a qualitatively new tax system and large-scale reforms in this field.

Under the new economic strategy, which is determined by the goals set for the economy and strategic roadmaps, the institutional and conceptual reforms have been implemented in the tax system, tax administration has been improved, and thorough changes of the organizational structure has been made.

The new administrative mechanism based on the principle of “Individual approach” enables to differentiate the approach to taxpayers, to implement more efficient, flexible and transparent administration.

The main approach is to differentiate the principles of working with small and medium-sized business entities, large enterprises and en­terprises of a special regime to ensure an individual approach to each business group, and to properly distribute a financial and administrative burden.

Speaking about the tasks facing the tax system, Ilkin Veliyev highlighted the importance of increasing a regulatory role of the tax policy, which is the important direction of the economic policy, and is considered an effective tool in regulating business activities, creating a favorable, transparent and attractive tax environment, bringing the tax administration to a new level and improving services for entrepreneurs.

Having recalled that the changes in the tax legislation came into effect on January 1, 2017, Ilkin Veliyev noted that these changes will serve to create more favorable conditions for the development of small and medium-sized businesses, increase the level of mutual trust between the tax authorities and business entities, encourage investment in the economy through increasing the attractiveness of the tax environment. The Ministry of Taxes considers it important to continue discussions with public organizations in this regard.

First Deputy Chairman and Chief Executive Officer of the Caspian European Club Telman Aliyev noted that the Club conducts polls among businessmen. According to him, the majority of questions and proposals incoming to the Club are associated namely with the taxation system, implemented reforms and innovations in this area. He highly assessed the role of the Ministry of Taxes head by Minister Fazil Mammadov, which promptly responds and takes an active part in settlement of problems of businessmen and member companies of the Caspian Euro­pean Club and Caspian American Club. According to him, innovations in the taxation system will positively impact a growth of export of ‘Made in Azerbaijan’ products, development of entrepreneurship and the country’s economy in general.

Telman Aliyev noted that CEO Lunch, which is organized together with government officials and top managers of companies in Azerbai­jan, will from now on be hosted in Kazakhstan and Georgia every quarter.

He briefed about the 4th international Caspian Energy Forum successfully hosted in Baku, noting that on September 20, 2017 Baku will host the 1st international Caspian American Forum.

Telman Aliyev recalled that the Caspian European Club was established in June 2002 with the support of the largest oil and gas compa­nies operating in the Caspian-Black Sea region. His Excellency President of the Republic of Azerbaijan Ilham Aliyev is the Chairman of the Cas­pian European Club. According to Telman Aliyev, the Caspian American Club was established on the initiative of the President of Azerbaijan on December 24, 2016 to develop and speed up the business dialogue between the companies across the Americas with the companies of the Caspian-Black Sea region. For three years the Caspian American Club will operate alongside with the Caspian European Club, and the management team, board members, the executive committee will be the same for both organizations. All member companies of the Caspian European Club are automatically a part of the Caspian American Club, he continued.

According to Telman Aliyev, since the very establishment the Caspian European Club has promoted attraction of revenues from the oil industry to the development of the non-oil sector. The Caspian European Club, which brings together more than 5,000 companies and organiza­tions, operates in 50 countries around the world, and is active in supporting the dialogue between the government institutions and the private sector.

Caspian Energy, Caspian European Club, Caspian Business Club, Caspian American Club and CEO are the registered trademarks owned by the Caspian Energy International Media Group.

More than 100 businessmen from Azerbaijan, Kazakhstan, Russia, Turkey, Iran, EU, as well as representatives of international organiza­tions and heads of the diplomatic missions accredited in Azerbaijan attended this business forum.

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