Azerbaijan, Tiktok Ironing Out Content Monetization Process Taxation

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 10. Azerbaijan and TikTok are negotiating the content monetization process taxation on the platform, and the negotiations are at the final stage, Executive Director of C4IR (Center for Analysis and Coordination of the Fourth Industrial revolution Center) Azerbaijan Fariz Jafarov said, Trend reports.

He made the remark at the "Diving into the digital and metaverse economy" panel within the Chain Reaction 2024 forum in Baku today.

"In recent years, Azerbaijan has been actively striving to enhance the competitiveness of its national businesses and elevate them to a new level by providing the necessary tools and infrastructure to support entrepreneurs.

The state clearly defines its strategic goals, which include not only training and supporting small and medium-sized enterprises (SMEs) but also creating an effective digital ecosystem. In this system, data centers, storage systems, cybersecurity, and payment systems that integrate various organizations play a crucial role," he said.

According to him, a key element of this digital transformation has been the implementation of the KYC (Know Your Customer) system and digital identification, which simplifies interactions between citizens, businesses, and the state.

"Azerbaijan has already significantly progressed in the field of digital government: every citizen has their own personal account, which facilitates online payments. Recent legislative changes allow bank accounts to be opened based on digital identification, making the process much simpler and faster.

For over five years, the government has been sharing data with banks and businesses, provided citizens give their consent, which has accelerated innovations in the banking sector. Banks are now able to offer new mobile solutions, reducing customer service costs by four times," he emphasized.

Jafarov mentioned that the nation is also actively developing platforms for e-tenders and visas, as well as fintech financial solutions, creating new opportunities for retail and SMEs.

"The plan is to help more than 1,200 SMEs by giving them access to ERP (Enterprise Resource Planning) systems and cloud solutions, allowing businesses to digitalize more quickly and expand both domestically and internationally," he also said.

He added that the government is cooking up new tax regulations for those who are making money through cryptocurrency.

To note, the first day of the Chain Reaction 2024 forum is being held in Baku.

The crux of the event revolves around blockchain, Web3, artificial intelligence, and digital assets.

The first day will feature the following panels: "Diving into the digital and metaverse economy," "Crypto leading innovation in digital finance," "Crypto Capital: How Switzerland is transforming into Europe's digital asset leader?", "Blockchain utility: Where do governments & enterprises see value in the technology", "Creating an integrated innovation ecosystem," "Leveraging AI to enhance organisational productivity," "State of the crypto market; What is the driving factor?" as well as presentations themed "How banks are transitioning from Web 2 to Web 3" and "Web 3 driving change in fixed income".

The forum will run for two days.

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