Companies in Azerbaijan often unwilling to disclose owners' names - deputy minister

By  Trend

Companies in Azerbaijan often don’t want to disclose the names of their owners, but such problems won’t arise over time, said Azerbaijani Deputy Minister for Taxes Sahib Alakbarov, Trend reports.

He was speaking at the conference “Support for the Implementation of Roadmap for Disclosing Information on Beneficial Law in the Extractive Industries of Azerbaijan.”

Alakbarov noted that the disclosure of information about owners is very important for the country’s tax authorities.

“The same conditions are created for everyone in Azerbaijan and there is healthy competition, so there is no point in concealing owners or companies’ turnover,” the deputy minister said.

He stressed that one of the main tasks assigned to state structures by President of Azerbaijan Ilham Aliyev is to reduce the share of the shadow economy, adding that this initiative will help ensure transparency.