Press release

EY Baku office signs MoU on efficient tax environment

Baku, 10 March 2017

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On March 10, EY Azerbaijan participated in a tax conference entitled “Together Towards Transparency”, jointly organized by the American Chamber of Commerce in Azerbaijan (AmCham) and Azerbaijan’s Taxes Ministry.

The conference invited leading governmental organizations and NGOs from Azerbaijan. It featured speeches on the role of the tax service in reforms, as well as on improvements in tax administration.

Mrs. Natavan Mammadova, Executive Director of AmCham, opened the meeting by welcoming the guests and members of the committee.

In his conference speech Zaur Gurbanov, Senior Manager in the Tax & Legal Department at EY Azerbaijan, focused on events held and measures taken in global best practice to limit the use of cash and to promote cashless transactions. He said: “Alongside the security and speed of payments, cashless settlements have been implemented as a way to counter the shadow economy and improve tax administration since the mid-twentieth century. However, for this purpose it is important to motivate passive participants of the shadow economy, i.e. persons without any specific intention to facilitate tax evasion, to make cashless payments. Therefore, it is essential to introduce various stimulating measures as well as tax concessions or tax credits.”

At the end of the conference, EY Azerbaijan and the other Big Four audit companies signed a Memorandum of Understanding on establishing an efficient tax environment, together with the Tax Ministry and the Chamber of Auditors of the Republic of Azerbaijan.

About AmCham
The American Chamber of Commerce in Azerbaijan is composed of over 250 members and associates active in every sector of the Azerbaijani economy. The Chamber represents 80% of all foreign investment in Azerbaijan, as well as a significant portion of local investment. Through its industry sector committees Chamber members share information, raise issues of common concern, and propose possible solutions. As AmCham members, the companies and organizations have access to a vast network of business information and contacts, in both Azerbaijan and the US.

About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and economies around the world. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In doing so, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY works together with companies across the CIS and assists them in realizing their business goals. 4,500 professionals work at 20 CIS offices (in Moscow, St. Petersburg, Novosibirsk, Kazan, Krasnodar, Rostov-on-Don, Togliatti, Vladivostok, Almaty, Astana, Bishkek, Baku, Kyiv, Tashkent, Tbilisi, Minsk, and other locations).

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

EY in Azerbaijan
EY made a major commitment to the development of Azerbaijan and the region by opening the office in Baku 22 years ago. Today, in addition to being the leading audit and consulting firm in Azerbaijan, we are the leading firm in the region. As a result of our experience and competence, we have been able to assist both domestic and international companies as well as state-owned entities to develop and manage the challenges of the international economy.

There are currently 170 people working in our Baku office that serve our clients in Azerbaijan. EY's strength in the Caspian Region and the firm's commitment of resources are important to the entities operating in the region. It means that as we grow, EY will continue to demonstrate a tradition of hiring and training local professionals to be leaders in our practice.