BAKU, Azerbaijan, November 27. Azerbaijani Parliament has approved the first reading of proposed amendments to the country’s tax code, TurkicWorld reports.
The matter was tossed into the ring during the Azerbaijani Parliament session on November 27.
The proposed amendments will affect 37 key articles and 75 subparagraphs across five areas. The changes aim to stimulate the investment climate, reduce the tax burden on businesses, improve tax administration, enhance Azerbaijan's position in international rankings, and implement harmonization measures.
The amendments are expected to impact several sectors, including the green economy, medical tourism, the automotive industry, shipbuilding, retail and markets, the culture sector, and public-private partnerships.
The goal of the proposed changes is to attract large investments, particularly through public-private partnerships, support the green economy (including the transition to environmentally friendly transportation), curb undeclared and illegal businesses, improve tax control in markets, optimize freight transport, enhance the country's position in global rankings, and support the development of culture, including cinema and theater. Additionally, the reforms are aimed at improving profitability across various sectors.
