Azerbaijan gains upbeat ends in “whitening” of corporate economic cycles – deputy minister

Azerbaijan has seen positive results in the direction of "whitening" of economic cycles of economic entities, First Deputy Economy Minister of Azerbaijan Elnur Aliyev said, Trend reports. He spoke at the Customs Business Forum 2023 (GBF23) held in Baku. Elnur Aliyev noted that not only fiscal tools, but also flexible control mechanisms play their role in regulating the economic environment in Azerbaijan. "Because ensuring a competitive environment in the home market is closely related to the attractiveness of the business environment. In this regard, the effective cooperation created between the State Tax Service under the Ministry of Economy and the State Customs Committee, which coordinates customs and tax authorities' actions, is critical. Today, the mutual flow of information established between both institutions, as well as the establishment of a unified risk platform, are useful for enhancing company transparency, lowering the "shadow economy," and assuring competitiveness," he said. Aliyev went on to say that effective tax and customs control procedures are yielding beneficial outcomes in terms of "whitening" the economic cycles of corporate entities. There is a functioning information sharing mechanism amongst institutions. Particularly noteworthy are the relevant authorities' collaborative efforts to avoid incidents such as illegal transfer of imported commodities to third parties and erroneous identification of detained commercial entities. Intensive work is currently underway to strengthen existing tax and customs cooperation, coordination, and information exchange, to strengthen control over persons who import or export goods for third parties, to prevent the importation of counterfeit and counterfeit products into Azerbaijan, and to improve the risk management system. Source: Trend News Agency