Azerbaijan Mulls Over Introducing Environmental Taxes

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 22. Proposals for theintroduction of environmental taxes will be prepared in Azerbaijan,Deputy Head of the State Tax Service under the Ministry of EconomySamira Musayeva told reporters on the sidelines of the ministry'sevent on business-related roadmaps held in Baku on May 22, Trend reports.

According to her, environmental taxes are applied in mostcountries around the world, and it is reasonable to introduce themin Azerbaijan as well.

"This year, Azerbaijan will host the 29th session of theConference of the Parties to the UN Framework Convention on ClimateChange (COP29). There is a need to implement tax reforms thatensure and promote environmental sustainability in our country.

As the State Tax Service, we'll conduct extensive discussionswith the public and prepare proposals for the introduction ofenvironmental taxes and the implementation of reforms thatcontribute to the environmentally sustainable development of theeconomy," Musayeva emphasized.

She explained that such taxes should be levied on enterpriseswhose activities negatively impact the environment.

"Similar types of taxes, such as the carbon dioxide emissionstax, are applied in the European Union, the US, Russia, and othercountries. We are exploring the possibility of introducing asimilar tax in our country. Discussions on this issue are ongoing,"the official added.

To note, this November, Azerbaijan will host COP29. Thisdecision was made at the COP28 plenary meeting held in Dubai onDecember 11 last year. Baku will become the center of the world andwill receive about 70–80,000 foreign guests.

The United Nations Framework Convention on Climate Change is anagreement signed at the Earth Summit in Rio de Janeiro in June 1992to prevent dangerous human interference with the climate system COP-the Conference of the Parties-is the highest legislativebody overseeing the implementation of the Framework Convention onClimate Change. There are 198 countries that are parties to theConvention. Unless the parties agree otherwise, the COP is heldannually. The first COP event took place in March 1995 in Berlin,and its secretariat is located in Bonn.

MENAFN22052024000187011040ID1108243693