Tax reforms attract foreign capital to Azerbaijan - PwC

Finance Materials 30 January 2023 10:10
Baku, Azerbaijan Trend News Agency
Tax reforms attract foreign capital to Azerbaijan - PwC

Azerbaijan's tax reforms further promote economic development and attract foreign capital to the country, Managing Partner of PwC in Azerbaijan Movlan Pashayev told Trend in an interview.

According to him, taxes and preferences are of the utmost importance since they help create the image of the country, and favorable conditions for running businesses and investing.

"Nevertheless, tax preferences cannot be seen as the main factor for business promotion. First of all, a stable economy and regulatory mechanisms are important for business, that is, the protection of businessmen and their investments. I also consider the role of intellectual property protection to be important. From the point of view of economic and social stability, Azerbaijan has no problems attracting investments and creating business in the country," he said.

Pashayev noted that Azerbaijan is undergoing a profound transformation in the tax field.

"A new tax strategy is expected to be adopted in the near future, which will reflect all the key and necessary actions that will further stimulate the development of the economy and attract foreign capital to Azerbaijan," he added.

A number of tax changes have come into force in Azerbaijan since January 1, 2023, including the exemption of some entrepreneurs from financial sanctions, VAT exemption for a number of business sectors, business subsidies, and others.

PricewaterhouseCoopers Global (PwC) is one of the world’s most extensive networks of professional services firms. In its current form, the network of firms was established in 1998 through the merger of Price Waterhouse and Coopers & Lybrand, both of which were headquartered in London. PwC helps organizations and individuals create the value they’re looking for, by delivering quality assurance, tax, legal and advisory services.

PricewaterhouseCoopers (PwC) Azerbaijan, established in 1995, is one of the country’s first international professional services firms.