Azerbaijan’s head: We need to ensure maximum transparency in economic and financial sectors

11:52 - 10.07.2018


July 10, Fineko/abc.az. Azerbaijani President Ilham Aliyev has tasked the government to continue and deepen the reforms carried out in the country, which have a positive effect.

Addressing to the Cabinet’s meeting dedicated to the results of socio-economic development in the 1st half of 2018 and the upcoming tasks, the country’s leader stated the Azerbaijani economy should develop dynamically in the coming years and in order to ensure this, it is necessary to deepen the reforms further.

"We must make sure that our country’s economy would manifest itself in the future as a long-term and sustainable economy, that the dependence on oil and gas would be reduced further, that development of the non-oil sector would continue rapidly. Maximum transparency should be provided in the economic and financial sectors. This transparency will allow Azerbaijan's economy to develop even more confidently, and proote to even larger foreign investments in the domestic non-oil sector. As the main cause of undue level of foreign investment in this sector is the non-transparent environment. At that, it is necessary to take additional measures in the legislation as well, despite the fact that our legislation is very favorable for attracting foreign investments. Otherwise, investments for more than $230 bn would not have been invested in the economy. However, further deepening of reform and full transparency are necessary," the head of state stressed.

He pointed out that the latest reforms in the tax and customs systems are bearing fruits. Those spheres are interrelated, and, of course, reforms should be carried out in parallel in both spheres. Tax and customs authorities should rise up to the level of relevant authorities of the developed countries. Personnel changes should be conducted and staff changes are underway. All governmental agencies, as well as entrepreneurs, should know that full transparency is ensured in the tax and customs systems, equal conditions have been created, and an end to unhealthy competition has been put. Entrepreneurs should know exactly in what the rules of work are. And they are very simple: to observe laws, pay taxes fully, not to engage in smuggling and not to cause damage to the country's economy.

"Entrepreneurs should also show responsibility in these cases. Tax evasion must be stopped. This concerns to representatives of both small and large businesses. Everybody must be equal before the law. These are my tasks instructions to the tax and customs authorities. No one has or can have any privileges. Each entrepreneur must pay taxes in full, there should be no other payments, except for the tax. I say this to both governmental agencies and entrepreneurs. If such facts take place, it is necessary to inform immediately the Presidential Administration and relevant structures, as we should continue and complete the policy of full recovery in this area," the head of state said.

 

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