IOTA Presidency By Azerbaijan To Drive Nation's Political And Economic Influence - Analyst

2024-06-22 05:18:30

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 22. Having the head of the State Tax Service also serve as the head of such a prestigious institution bodes well for Azerbaijan's economy, expert economist Eyyub Kerimli told Trend .

He pointed out that it would be a game-changer for the growth of Azerbaijan's Political and financial clout.

"On the other hand, it will have a significant impact on increasing other countries' interest in Azerbaijan, further improving the investment climate. It will also contribute to the introduction of the European experience of tax administration in Azerbaijan.

Nonetheless, every foreign company, when operating in another country, primarily delves into its tax legislation, its enhancement, and its transparency. I firmly believe that being a part of the State Tax Service and holding the chairmanship in such a prestigious organization has paved the way for tremendous opportunities.

The country's financial accounting and tax reporting will eventually be standardized to meet international standards, which is great news for a number of reasons, including more transparency, better tax administration, knowledge sharing, and, as previously mentioned, the adoption of European standards.

Additionally, it will contribute to the expansion of the country's economic, political, and financial clout. Improving tax laws in tandem with financial institutions is a win-win. This will be especially true when it comes time to showcase Azerbaijan's tax administration reforms to other nations and multinational corporations. In general, I believe that our country should benefit from this. Azerbaijan should use its tax code, administration, and legislation positively for further improvement in this area, as well as application of its international experience," he said.

To note, Orkhan Nazarli, head of the State Tax Service under the Ministry of Economy of Azerbaijan, was elected to the post of president of the organization of Intra-European Tax Administrations. He will also chair the Executive Council of the State Tax Service.

Since Azerbaijan was designated as the IOTA president for the years 2024 and 2025.

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