TODAY.AZ / Business

Chamber of Auditors: Azerbaijan expanding transparency in economy

11 October 2018 [09:57] - TODAY.AZ

By Azernews

By Sara Israfilbayova

Transparency and accountability are the basis for stable and rapidly developing economy.

Chairman of the Azerbaijan Chamber of Auditors Vahid Novruzov told Trend that Azerbaijani President Ilham Aliyev pays special attention to ensuring transparency in the economy.

“This is not coincidence, because world practice shows that only transparent economy can be sustainable, develop rapidly and actively attract foreign investments. Without transparency, neither investors nor local entrepreneurs will be interested in investing in the economy,” he underlined.

Novruzov went on to say that the systematic work has been recently carried out in the country in expanding transparency in the economy, adding that many decrees, orders, state programs have been recently signed in this direction.

“Amid high transparency, entrepreneurs’ faith in the country’s economy and its financial system is growing," he said, further saying that this issue has been also reflected in strategic roadmaps.

The economy of Azerbaijan has been developing successfully and dynamically over the last decade.

Currently, the country is eager to develop the non-oil sector of the economy and the government does its best to create conditions for a business doing and a proper business climate in the country.

Thus, the volume of non-oil exports of Azerbaijan increased by 14 percent in January to July 2018 compared to the same period of last year.

In order to stimulate the business development in the country, the government creates favorable conditions for entrepreneurs.

One of these steps is the suspension of inspections. During the period of the law’s validity, only tax audits, quality control of medicines by relevant executive authorities, verification of compliance with safety regulations and safety control of food products, as well as checks on cases that threaten the health and life of people, national security and economic interests may be carried out.

Moreover, the government creates many other conditions as, issuance of the investment incentives documents following the approval of amendments proposed to the Tax Code of the country.

Under the investment incentives document, half of the revenue of an individual entrepreneur, profits of legal entity are exempted from income tax for seven years. Import of equipment for the implementation of the projects is also exempt of VAT and customs duties.

Also, the state refunds 3-6 percent of the customs value of goods to non-oil exporters within the framework of mechanisms on promoting exports of non-oil products.

Besides, the geography of export of Azerbaijani products is considerably expanding, and the number of entrepreneurs engaged in foreign trade activity is growing. Today it covers more than 80 countries of the world, and in particular, the CIS countries, the Persian Gulf region, the EU, China and others.

Promotion of the “Made in Azerbaijan” brand, which is an initiative aimed at entering new markets, became one of the priorities of the country’s foreign economic policy.

President Ilham Aliyev signed the Decree on large-scale promotion of local non-oil products in foreign markets as “Made in Azerbaijan” on 5 October 2016.

This Decree includes nine different support mechanisms to stimulate exports and promote “Made in Azerbaijan” abroad.

Depending on the support mechanisms, the costs relating to their realization are fully or partially covered by the state budget.

The export missions play an important role in expanding non-oil exports and promoting the domestic made products. Over the past year Azerbaijan has organized a number of different missions to Saudi Arabia, the United Arab Emirates, Russia, China, Hungary, Kazakhstan, Germany, Qatar and other countries.


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