(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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