Azerbaijan's tax system is becoming more efficient

Azerbaijan is a leader among WB partner countries in terms of investment per capita, WB Baku office head Baku Joseph Owen said at the forum "Tax System in Azerbaijan: realities and prospects" in Baku on Thursday.

"The WB current portfolio in Azerbaijan is at a sufficiently serious level of $2.3 billion," he said. "Azerbaijan is the third partner country in terms of portfolio volume and first in terms of investment per capita."

He said the Azerbaijani tax system is becoming more efficient. "The legislation creates sound conditions for this," Owen said.

He emphasized the role played by the international community, EU and the Netherlands in developing the tax system.

"There is great potential for further development, including expanding the tax base and improving tax administration," Owen said.

The WB has invested $3 billion in 43 projects in the country since it joined the IBRD in 1992 and the International Development Association in 1995.

The IFC's obligations after Azerbaijan joined have reached about $350 million in 45 projects.