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3C59dc048e8850243be8079a5c A Word from Executive Director of AmCham Dear AmCham members and friends, After a long break I am pleased to introduce the 21st issue of IMPACT Azerbaijan. This time IMPACT Azerbaijan is devoted to regional development of Azerbaijan, which has been a hot theme. Issue 21 This is a theme where AmCham carries a big voice, experience and contribution. Being a business association with approximately 300 members, in the last two decades most of our members Credits focused heavily to regional development. It has been vivid in various economic sectors: construction and manufacture, hotel AmCham Executive Director: and hospitality, financial and banking, agriculture, energy, health care, IT, trading and many others. We are proud to see AmCham members succeed in Nargiz Nasrullayeva-Muduroglu harmonizing private sector investment with state program and strategic pillars and keen for regional development! Editor: From the materials contributed by member companies, you will able to see various Jeyhun Atayev glimpses for the regional development. As a reader of IMPACT Azerbaijan, you will be able to benefit from the legal outlook – logical follow up of the mentioned state programs; Articles contributed by: practical example for regional development – Gusar, a city with hot tourism spot; as well Farid Isayev as harmony of events (exhibitions!) to boost diverse economic segments and widening market opportunity for the participant companies. Clive Smith Kamran Abbasov It should be also highlighted that within this issue you will be able to read AmCham’s active Farouk Mohamed relationship with governmental institutions; organized Taxation and ICT conferences; presentations of annual national employee salary survey and Index of Prices; diverse Sakina Ibrahimova social events for the member companies. Laura Hamidova Sabir Gasimov Overall, I appreciate for our members for taking time to contribute for development of IMPACT Azerbaijan. I am sure you will find this edition informative and interesting! Lala Abdurahmanova Lavinia Iosub Kind regards, Nargiz Nasrullayeva-Muduroglu Advertisers: Azerfon Editor’s Comment YapiKredi Bank Azerbaijan Dear reader, ADA University Welcome to the 21st issue of IMPACT Azerbaijan journal. This Publisher: time, we are discussing aspects of regional development, as well as, contribution of AmCham member companies. It is an American Chamber of Commerce issue which deserves the highest attention not only in within the in Azerbaijan Chamber, but nationwide. In this edition of IMPACT Azerbaijan, you will able to go through Tel: (+994 12) 497 13 33 interesting materials related to contribution of our members into Fax: (+994 12) 497 10 91 the development of the regions. This is really fascinating! In fact, www.amchamaz.org it is really the power of our members which is invested for the sustainable development of our country! The “In Focus” section covers experience and contribution of our members to the issue. As you will be able to see, it is quite diverse Advertising opportunities: and rich in scope. Please contact the Editor at [email protected] At the same time, in “member contribution” section, we have revealed other hot topics as well. The magazine will introduce you with emerging matters – living in FATCA era, recruitment and development approaches, securities market and various other topics. Tel: (+99412) 497 1333 Herein, the role of IMPACT is to uncover issues which are interesting for our member companies, their employees, as well as our country at large. The articles in IMPACT Azerbaijan It is also my pleasure to thank our writers who contributed articles to the 21st issue. express the opinions of the authors Furthermore, highly appreciate our advertisers who observe higher value in development and do not necessarily reflect the and publication of IMPACT Azerbaijan. position of the American Chamber of Happy reading, Commerce in Azerbaijan Jeyhun Atayev 1 contents IN FOCUS 4 Legal outlook into regional 31 Securities market: what you development need to know to start making Farid Isayev, KPMG money Sabir Gasimov 8 Recent developments in Qusar DEVELOPMENT AND EDUCATION region Clive Smith, Shahdag Mountain 34 What we have learned as a Resort company? Lala Abdurahmanova, KEEL Academy 10 Interview with Farid Mamedov, Executive Director of Iteca Caspian 36 Business conferences – education with a twist of networking Lavinia Iosub, P World in Azerbaijan 13 Acting in synergy for a sustainable development of the regions Kamran Abbasov, Synergy Group AMCHAM AZERBAIJAN OJSC 39 About Us MEMBER CONTRIBUTION 40 Government Relations 15 Azerbaijan: what lies beneath 43 AmCham Committees Highlights Farouk Mohamed, Grant Thornton Azerbaijan 48 Business Events 17 Are you ready to live in FATCA era? Sakina Ibrahimova, PwC 50 Amcham Practical Seminars Azerbaijan 53 Social Events 22 Modern & modest recruitment and development approaches Laura Hamidova, FireWorks HRM 59 AmCham Legal Update 25 Peculiarities of FATCA 67 Members’ News and Events implementation in Azerbaijan 71 AmCham Calendar of Events Farid Isayev, KPMG 74 (M2M) Discount Program 2 Issue 21 in focus Legal Outlook into Regional Development Farid Isayev, increasing the contribution of regions to common economic Manager, Head of Legal Services success. Thus, this article sets out to analyse the legal KPMG Azerbaijan Limited framework implemented by the state for facilitation of economic development of Azerbaijan’s regions. State Program I The first major step in this direction was taken with the Azerbaijan’s steady economic growth and remarkable adoption of “State Program on Social-Economic Development statistical data supporting this stance has left some impressed, of Regions of the Republic of Azerbaijan for 2004-2008” while also raising expectations in relation to regions’ economic (“Program I”). Program I was adopted by the Decree of the development. The implications of overall economic progress President of Republic of Azerbaijan №24 dated 11 February have resulted in more scrutiny being placed on the share of 2004 and set out to implement comprehensive measures regions of Azerbaijan in the main pool of achievements. Both on efficient use of labour, natural and economic resources the government and various major stakeholders in country’s in regions, accelerating development of the non-oil sector, economy have repeatedly stressed the significance of expanding reforms in agrarian sector, increasing employment 4 Issue 21 in focus of population, decreasing the level of poverty, renewing the development of regions of the country. infrastructure, creating favorable investment climate, modern Action Plan of State Program consisted of the following enterprises and new jobs. sectors: The Program I also focused on such goals as efficient - Tax and monetary-credit policy; external debt management, maintenance of average annual - Measures on expansion of industrial and agricultural inflation level and the exchange rate of the national currency production; at reasonable level, reducing number and rates of taxes to - Environment protection and use of natural resources; appropriate levels, extension of concessional period applied to - Improvement of road infrastructure and transport; producers of agricultural goods, regulation of customs tariffs - Power, heating and gas supply; taking into account domestic production interests. - Measures on improvement of communication services; - Measures on upgrading water supply and sanitation In terms of monetary policy and given increase of oil revenues, services; extra emphasis was put on exchange rate policy with a - Measures on amelioration and irrigation; view of ensuring protection of national currency- manat’s - Measures on safety of population; competitiveness. In relation to investment policy, the main - Measures on housing and social protection; objective was streaming of state investments to improvement - Construction and reconstruction of healthcare, cultural, of infrastructure and utility service supply of regions and sport and education facilities. construction of socially designated buildings. Tax and monetary policy Foreign economic policy was aimed at facilitation of exports of locally produced goods, while also ensuring elimination of a/ taxes unfair competition and/or cases of monopolisation of certain Law “On making amendments and additions to the Tax Code of spheres of domestic market. The process of harmonization of the Republic of Azerbaijan” №835 dated 19.06.2009 reduced legislation was effectively aimed at establishing smooth legal the level of profit tax from 22% to 20% from 1 January 2010 path for implementation of actions laid down in Program I, onwards. In another attempt to ease tax burden, maximal though, arguably none of legislative measures in this regard tax rate applicable to physical persons’ monthly wages was could be viewed as radical or groundbreaking. reduced from 30 to 25%, while also the amount of income tax for physical persons taxed at 14% was increased from The first Program on social-economic development of regions AZN 2,000 to AZN 2,5001. Similarly, tax incentives applicable was a positive major step in diversification of economic to monthly wages of certain social group of individuals were streams from the capital to cover other areas of the country, increased from AZN 100 to AZN 200. In order to provide albeit with mixed results. Its major impact, arguably, could be favourable tax applications to all groups of war veterans, the assessed as paving way for forthcoming similar programs and criteria
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