Among the products purchased by the Ministry are: Onesource Benchmark and Onesource TP Loan Module. Thomson Reuters and Ministry of Taxes of the Republic of Azerbaijan have signed an agreement under which the Ministry will use Thomson Reuters tax solutions aimed at implementing tax control in the sphere of transfer… – Continue reading
Azerbaijan will sign agreements on elimination of double taxation with five more countries in the near future, Zaur Fetizade, head of Azerbaijani Taxes Ministry’s Department for International Cooperation and Tax Monitoring in Financial Institutions, said in his interview with the Vergiler (Taxes) newspaper. “We have already agreed on draft agreements… – Continue reading
Azerbaijan and Denmark have signed the convention on avoidance of double taxation and prevention of tax evasion on income taxes. The document was signed by Azerbaijani Minister of Taxes Fazil Mammadov and his Danish counterpart Karsten Lauritzen. Mr. Mammadov said that the document will contribute to the development of trade… – Continue reading
Azerbaijan’s Taxes Minister Fazil Mammadov announced that operations with offshore companies are planned to be a subject of taxation in the country. Mammadov spoke about the changes to the Tax Code in a meeting of Azerbaijan’s parliamentary committee on economic affairs, industry and entrepreneurship. In tote, some 201 amendments and… – Continue reading
We have on several occasions fingered Panama as a particularly recalcitrant secrecy jurisdiction: our recent Panama Narrative Report spills a fair number of beans in that respect. Its recalcitrance is perhaps hardly surprising, given the quantity of Colombian and Mexican drugs money believed to be sheltered there – to name… – Continue reading
By Anakhanum Khidayatova – Trend: A lot should be left to the private sector to achieve constructive relations between Azerbaijan and Israel, according to Dan Stav, Israeli ambassador in Baku. “In order to encourage business in each country, you need to create conducive environment,” he said speaking to Trend Dec…. – Continue reading
In order to encourage the growth of international trade including that of financial services, successive Maltese governments have sought to conclude double tax treaties with important trading partners as well as with emerging countries. This policy is expected to continue in the future. To date, treaties are in force with… – Continue reading
Baku, Fineko/abc.az. Azerbaijan and the U.S. are likely to sign another agreement in support of the Foreign Account Tax Compliance Act (FATCA). Deputy Taxes Minister Natig Amirov has stated that the general agreement on cooperation has already been ratified by the head of state. “Work is underway over the signing… – Continue reading
Azerbaijan’s participation in G20 (the Group of Twenty) summit is of special importance for Turkey, a source in Turkey’s presidential administration told Trend Nov.11. The 2015 G-20 Antalya summit will be the tenth annual meeting of the G-20 heads of government. It will be held Nov.15-16 in Antalya, Turkey. Azerbaijan… – Continue reading
Sixteen peer review reports were released at the recent plenary meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes on October 29-30, 2015. The release of the reports follows reviews of those territories’ legislation for the exchange of tax information and their frameworks for… – Continue reading
The President of the European Council Donald Tusk and the President of the European Commission Jean-Claude Juncker, who are representing the European Union at the G20 summit in Antalya (Turkey) on November 15th and 16th, have set out the EU’s agenda in a joint letter sent to EU Heads of… – Continue reading
Major implementation milestones are being met by members of the world’s leading forum on tax transparency as the international community continues to move ahead towards greater tax transparency. The imminent shift to the automatic exchange of information will send a strong warning to tax evaders. Significant strides towards a major… – Continue reading
Azerbaijani President Ilham Aliyev approved the intergovernmental Azerbaijan-US agreement on “Improving compliance with Azerbaijan and the United States of international rules on tax requirements and fulfilling the requirements of the Act on the taxation of foreign accounts (Foreign Account Tax Compliance Act, FATCA)”. The relevant law is published in the… – Continue reading
Baku, Fineko/abc.az. Milli Majlis has ratified today the most important international agreement in the tax area. On the last day of its work the parliamentarians of the fourth convocation approved the Agreement on Compliance & Improvement of Compliance with the Tax Requirements of the Foreign Account Tax Compliance Act (FATCA)… – Continue reading
Staff Correspondent The National Board of Revenue on Monday started negotiations with Bhutan to sign an agreement on avoidance of double taxation and prevention of tax evasion and capital flight from the country. A five-member delegation led by NBR chairman Md Nojibur Rahman has been carrying out the first round… – Continue reading
The Agreement between the Government of the Republic of Azerbaijan and the Government of the Republic of San Marino on exemption of visa requirements for holders of diplomatic and service passports and the Convention between the Republic of Azerbaijan and the Republic of San Marino for the avoidance of double… – Continue reading
Investigative journalist Khadija Ismayilova delivered a scathing final statement in a Baku courtroom on August 31, calling Azerbaijan’s government a “repression machine” and dismissing her trial as a “scam” aimed to silence her. Before she was cut off without finishing her remarks, Ismayilova told the court that her reporting proved… – Continue reading
Baku, Fineko/abc.az. The Azerbaijan’s Ministry of Taxes pays much attention to agreements on information exchange. According to Orkhan Musayev, International Relations Department Manager at the Ministry, such agreements, the same as agreements on elimination of double taxation, are very important. “So far, the Ministry of Taxes has signed agreements on… – Continue reading
The Financial Monitoring Service of Azerbaijan’s Central Bank will send the National Action Plan on the elimination of risks in the fight against money laundering and terrorism financing to the World Bank in September 2015. The National Plan was discussed by WB’s experts during a seminar held in Baku between… – Continue reading
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
A Malta-based shell company is linked to financial transactions which likely saw Azerbaijani President Ilham Aliyev and his family amass hundreds of millions of euro at the expense of the country he leads and its citizens. FA Invest (Malta), whose registered address is in the Cornerstone Complex in Mosta, has… – Continue reading
Baku, Fineko/abc.az. Foreign investors may not fear the U.S. sanctions on FATCA during operations on the Azerbaijani stock market. Director of local investment company PSG¬Broker Matanat Iskenderova has stated that the stock market of Azerbaijan is fully compliant with the standards in the field of counteraction to money¬laundering. “Likewise, it… – Continue reading
Saudi Arabia is interested in increasing the trade turnover with Azerbaijan, Minister of Commerce and Industry of Saudi Arabia Tawfiq bin Fawzan Al Rabiah said at the Azerbaijani-Saudi Arabian business forum in Baku May 15. “Although Azerbaijan and Saudi Arabia signed the intergovernmental agreements on elimination of double taxation and… – Continue reading
Baku, Fineko/abc.az. The Central Bank of Azerbaijan and Grant Thornton Company held a workshop on meeting the requirements of the FATCA U.S. federal law (The Foreign Account Tax Compliance Act). According to CBA, the workshop was held for banks and addressed the basic principles and practical issues of meeting FACTA… – Continue reading
President Truong Tan Sang arrived at Heydar Aliyev international airport in Baku on May 13 afternoon for a three-day official visit to Azerbaijan. The President was welcomed at the airport by Azerbaijani Deputy Prime Minister Eyyubov Yaqub, Deputy Minister of Foreign Affairs Khalaf Aly Oglu Khalafov, Azerbaijani Ambassador to Vietnam… – Continue reading
An OECD initiative on tax evasion is causing ripples around the world While a host of topics — from the necessity and the proposed scope of corporate tax reform, to corporate rate reduction and corporate inversions — are of major concern to those engaged in international tax, the overriding issue… – Continue reading
BEIJING: A total of 57 countries have been approved as founding members of a Chinese-led infrastructure bank, Beijing said on Wednesday, and Norway is included despite frosty relations over a Chinese dissident’s Nobel prize. No nations that formally sought to become founding members of the Asian Infrastructure Investment Bank (AIIB)… – Continue reading
As a result of the investigations, over AZN 13 mln was transferred to the state budget Baku. Agshin Rafigoglu – APA-Economics. Department of Preliminary Investigation of Tax Crimes under the Ministry of Taxes has launched 346 criminal cases on tax avoidance and illegal business in the first quarter of 2015…. – Continue reading
A serious need emerges, amid the global political and economic crisis, for the dialogue among religions, cultures, different political forces, and an important role in this process is in recent years played by Azerbaijan. In this regard, the Azerbaijani President Ilham Aliyev’s visit to Saudi Arabia is significant. It is… – Continue reading
Armenian National Committee of America Government Affairs Director Kate Nahapetian testified yesterday before a key Congressional panel in support of increased U.S. assistance to Nagorno Karabakh, Armenia, at-risk Middle Eastern Armenian communities, and the Javakhk region of Georgia. In her opening remarks, Nahapetian thanked House Appropriations Subcommittee on Foreign Operations… – Continue reading
Azerbaijani and Sudanese officials have voiced readiness to further expand cooperation between the two countries. President Ilham Aliyev received a delegation led by Ali Ahmed Karti, Sudanese Foreign Minister on March 18. The head of the state expressed confidence that the visit of the Sudanese delegation will be fruitful and… – Continue reading
In 2013, STHL and its subsidiaries generated $38.6 billion in sales of crude oil, after purchasing $38.5 billion in crude and fuel products from third party and other companies from the SOCAR group. Malta has been hosting Azerbaijan’s state oil company (SOCAR) since 2007 thanks to its favourable tax regime… – Continue reading
BRUSSELS, March 10 (Reuters) – The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS — British bank Barclays (LSE: BARC.L – news) to acquire sole control of Spanish insurer CNP Barclays Vida y Pensiones Compania de Seguros,… – Continue reading
Baku, Fineko/abc.az. The U.S. Internal Revenue Service has conducted consultations in Baku on the application of FATCA (Foreign Account Tax Compliance Act). The Azerbaijani Ministry of Taxes informs that Service’s representatives were received by Deputy Taxes Minister Natig Amirov. “Consultations concerned the issues of information security in the process of… – Continue reading
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
Baku, Fineko/abc.az. Azerbaijan is preparing for the elimination of taxation with another 10 countries. Alakbar Mammadov, Advisor to the Taxes Minister of Azerbaijan, says that one of the important conditions of the investment environment in the country is to meet the agreement on the elimination of taxation on income tax… – Continue reading
Baku, Fineko/abc.az. Azerbaijan de facto joined the American tax reporting system FATCA (Foreign Account Tax Compliance Act): on July 8 President Ilham Aliyev sanctioned the Azerbaijani banks to report to other states about their customers directly or through mediators. The President of Azerbaijan approved the relevant amendments to the law… – Continue reading
Azerbaijan and the U.S. Internal Revenue Office (IRS) will sign an additional agreement on confidentiality under the intergovernmental agreement on implementing the Foreign Account Tax Compliance Act (FATCA) by Azerbaijani banks by September 30, 2015. The news was announced by Azerbaijani Taxes Ministry last week. “It is known that the… – Continue reading
Azerbaijan and the U.S. intend to sign a double taxation evasion agreement in the near future, Azerbaijan’s Deputy Minister of Taxes, Sahib Alakbarov told journalists on May 26. The minister said that among other things, this document will allow the Ministry of Taxes to actively fight against the Azerbaijani residents… – Continue reading
Azerbaijan and the U.S. Internal Revenue Service (IRS) agreed to conclude an intergovernmental agreement on implementation of the Foreign Account Tax Compliance Act (FATCA) by Azerbaijani banks, the Ministry of Taxes of Azerbaijan said on May 21. Starting from July 1, 2014 the banks in all countries should join the… – Continue reading
Azerbaijan and Saudi Arabia plan to sign an agreement on the avoidance of double taxation, as well as tax evasion, the ambassador of Saudi Arabia Musaid bin Ibrahim bin Abdullah Al-Salim told a press conference. The ambassador said the agreement is expected to be signed during the Azerbaijani foreign minister… – Continue reading
BAKU (Azerbaijan), April 24 (Bernama) — Azerbaijan and Spain have signed a Convention on the Elimination of Double Taxation with Respect to Income and Property Tax and Prevention of Tax Avoidance, Azerbainjan’s Azertac reported. The agreement was signed by Azerbaijani Foreign Minister Elmar Mammadyarov and his Spanish counterpart Jose Manuel… – Continue reading
Baku, Fineko/abc.az. The U.S. is waiting for Azerbaijan’s response on the agreement on the exchange of tax information on the FATCA rules. The U.S. Embassy reports that the US has engaged the Azerbaijani government on this issue. “Now we’re waiting for their response. The US government is negotiating similar arrangements… – Continue reading
