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Doing Business in Azerbaijan
3 Doing Business in Azerbaijan
Contents
Country overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Economy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Business overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Licensing of entrepreneurial activity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Labor licensing requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Profit repatriation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Currency regulations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Establishing a business. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Types of business presence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Taxation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Statutory tax regime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Corporate Taxation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Individual tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Value added tax (VAT). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Other taxes and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Withholding tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Accounting and reporting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Investment Incentive Certificates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
EY Azerbaijan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Assurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Tax & Law. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Advisory Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Transaction Advisory Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Doing Business in Azerbaijan 1
1 Country
overview
2 Doing Business in Azerbaijan
According to the Constitution adopted General statistics*
on 12 November 1995, Azerbaijan is
Population Approx. 10 million
a democratic, secular, unitary republic
based on the rule of law. The country Territory 86,600 square kilometers (approx. 33,400 sq. miles)
is governed by the president, who is Neighboring countries Russia, Iran, Armenia, Georgia, Turkmenistan, Kazakhstan, Turkey
directly elected for a seven-year term by Main ethnic group Azerbaijani (91.6%)
popular vote. Ethnic minorities Russian, Lezghi, Talysh, Tatar
Currently, the President of Azerbaijan Capital Baku (pop. 2,277,500)
is Ilham Aliyev. The First Vice-President Other populous cities Gandja (pop. 334,00)
of Azerbaijan is appointed by and Sumgait (pop. 343,100)
subordinate to the President. This Autonomous Republic Nakhchivan Autonomous Republic (pop. 456,100)
position is currently held by Mehriban
*Source: https://www.stat.gov.az/
Aliyeva. The Government (Cabinet
of Ministers) is subordinate to the
President, who appoints the Prime
Minister and other ministers subject
to the approval of the legislature.
The highest legislative body is
the 125-member single-chamber
parliament, known as Milli Majlis, which
is elected for a five-year term by popular
vote. Milli Majlis may not be dissolved by
the President; however, the President is
able to veto its decisions.
The Republic of Azerbaijan gained its
independence from the Soviet Union in
1991. It joined 11 other former Soviet
republics to form the Commonwealth of
Independent States (CIS) in 1993.
Doing Business in Azerbaijan 3
2 Economy 4 Doing Business in Azerbaijan
Azerbaijan’s vast oil reserves attract In addition, there are 5 so-called That decree set up a special body
foreign investment into the country’s industrial parks and 3 high-tech parks (Commission) tasked with generating
economy. Several major oil contracts in Azerbaijan. These provide a 7-year proposals for the establishment of
have been signed since 1994. tax holiday for entrepreneurs operating a favorable business environment,
within these clusters. developing an appropriate legal
According to the 2019 Azerbaijani State
and institutional framework and
Statistics Committee report, foreign The President of Azerbaijan signed
preparing an action plan to achieve
investments in the oil & gas sector a decree on additional measures to
the goals set.
comprised 54% (US$ 4,900.8 m) of all improve the business environment and
foreign investments. strengthen the country’s position in
international rankings on 13 July 2016.
Following the success of oil & gas
projects, the Government declared a
policy calling for the development of
the non-oil sector. Owing to the rapid
development of the non-oil sector, the
share of oil & gas investments in total
foreign investments has gradually
decreased compared with earlier years.
On 26 May 2000, the President of
Azerbaijan signed the Law on the Main
Export Pipeline (“MEP”). The MEP,
which connects Baku with the Turkish
oil terminal in Ceyhan via Georgia, is
the main route for the transportation
of Azerbaijani crude to the world oil
market. On 26 October 2001 Milli
Majlis also passed a law ratifying the
Agreement on the South Caucasus
Pipeline (“SCP”). The SCP is the
main route for the transportation of
Azerbaijani gas to the world market. In
particular, the SCP pipeline is used to
ship natural gas from the offshore Shah-
Deniz gas field to Turkey.
The country has one state-owned oil
refinery. Large petrochemical and
metallurgical plants are located in
Sumgait, 28 kilometers from Baku.
Doing Business in Azerbaijan 5
3 Business
overview
6 Doing Business in Azerbaijan
Licensing of Furthermore, a foreigner or stateless visas expire (those entering Azerbaijan
person has the right to work in the under the non-visa regime must apply
entrepreneurial activity Republic of Azerbaijan without obtaining for a residence permit for stays of more
The Law on Licenses and Permits, a work permit provided that he/she is than 30 days). Temporary residence
adopted on 15 March 2016, stipulates on a business trip in an area of business and work permits are issued under the
a “one-stop-shop” principle for issuing specifically permitted by the Cabinet of one-stop-shop principle. State duty for
licenses. The Ministry of Economy of Ministers of Azerbaijan and the period a temporary residence permit or for a
Azerbaijan maintains the Registry of of the business trip does not exceed a work permit varies depending on the
Licenses and Permits. cumulative total of 90 days in a year. period of validity (e.g., AZN 120-160 for
It should also be noted that licenses to a one-year temporary residence permit
Foreign citizens coming to Azerbaijan
conduct business activity are normally and AZN 1,000-1,400 for a one-year
for more than fifteen days must register
granted for an indefinite term, save for work permit).
with the State Migration Service within
specific exceptions. fifteen days, based on an application The employer must register the
made by the landlord (owner) of the conclusion, amendment and termination
premises where the visitor is residing. of employment contracts electronically
Labor licensing in the E-government web-based
Foreign citizens wishing to live in
requirements Azerbaijan are required to obtain a
information system using an enhanced
Foreign employees are required to electronic signature to authenticate
temporary residence permit before their
have individual work permits issued entries made.
by the State Migration Service of
Azerbaijan. The legislation prescribes
severe penalties for employers that fail
to obtain a work permit: AZN 3,000 to
AZN 4,000 for executive officers and
AZN 15,000 to AZN 20,000 for legal
entities. The penalty increases to AZN
35,000 if the violation is committed
in relation to three or more foreign
employees. Heads and deputy heads
of branches/representative offices
of foreign companies and foreign
entrepreneurs are exempt from the
requirement to obtain work permits. The
same rule applies to heads and deputy
heads of legal entities established in
Azerbaijan that have at least one foreign
(corporate or individual) founder.
Doing Business in Azerbaijan 7
Profit repatriation Land ownership Establishing a business
Under the Law on the Protection Land ownership in Azerbaijan is The Foreign Investment Laws provide
of Foreign Investment (adopted governed by a set of legal acts, including the legal framework for foreign
on 15 January 1992) and the Law the Law on Land Reform, the Law investment in Azerbaijan. They stipulate
on Investment Activity (adopted on on the Land Market, the Civil Code the types of entity foreign companies
13 January 1995) (collectively the of Azerbaijan and the Land Code. can invest in, the rules governing the
“Foreign Investment Laws”), foreign Azerbaijani citizens and legal entities are repatriation of profit, and the general
investors are entitled to repatriate permitted to own land. rights and guarantees provided to
profit in convertible currency after the foreign investors. Foreigners can invest
payment of all taxes and other fees that Foreign individuals and legal entities in a business venture in Azerbaijan in a
are due. cannot acquire land in Azerbaijan, but number of ways, such as:
they have the right to lease land. Foreign
individuals and legal entities may • Establishing a fully owned subsidiary;
Currency regulations purchase dwellings. In such instances, • Acquiring shares in an existing
The official currency of Azerbaijan is the land on which the acquired dwellings company;
the Manat (AZN). Foreign companies are situated is rented to those foreign
individuals and legal entities. • Establishing a joint venture
and individuals may have both AZN
with Azerbaijani companies and
and foreign currency accounts at local
individuals;
banks. All settlements within Azerbaijan,
including the payment of salaries, • Entering into other acceptable forms
must be made in AZN, save for certain of investment agreement.
specific exceptions.
8 Doing Business in AzerbaijanVarious registration requirements apply Joint-stock companies (JSCs) Branch or Representative Office
to foreign companies establishing a A JSC is governed by the Civil Code. A Foreign companies may operate in
business presence in Azerbaijan. JSC is established by at least one legal Azerbaijan without establishing a local
A special license to conduct business entity or individual. The liability of a JSC legal entity if they instead register a
is required for companies operating shareholder is limited to the value of his branch or representative office with
in telecommunications, sea and air shares. JSCs fall into two categories — the Ministry of Taxes of Azerbaijan.
transportation, insurance and other “closed” and “open” JSCs. The shares of Branches and representative offices
regulated industries. The Ministry of closed JSCs are not freely transferable are allowed to conduct commercial
Taxes of Azerbaijan is charged with and the company must have a minimum activities in Azerbaijan. The state duty
registering the business presence of capital of AZN 2,000. The shares for the registration of a branch or
commercial legal entities based on a of open JSCs are not subject to the representative office is AZN 220.
one-stop-shop principle. transfer restriction, but the company
must have a minimum capital of AZN
4,000. Other forms of legal entity
Types of business
As well as commercial entities,
presence Azerbaijani legislation also provides for
The following forms of commercial legal Limited liability companies (LLCs)
non-commercial legal entities and public
entity exist in Azerbaijan: LLCs may be founded by one or
legal entities.
more legal entities and/or individuals
• Open and closed joint-stock with the founding members having A non-commercial legal entity is an
companies; a participating interest in the LLC entity that neither generates profit as
• Additional and limited liability proportional to the amount paid into the its main purpose nor distributes profit
companies; charter capital. Each owner’s liability is among its members. Non-commercial
limited to the amount invested in the legal entities may be created in the form
• General and limited partnerships. LLC. LLCs do not issue shares. of public associations, funds or unions of
Foreign investors wishing to establish legal entities.
A participating interest in an LLC is
a presence in Azerbaijan may opt for freely transferable to third parties. Public legal entities engage in activities
any of the above forms. Foreign entities of state and public significance. They
may also operate in Azerbaijan through may be founded by executive authorities
a branch or a representative office. Partnerships designated by the President of
General and limited partnerships are Azerbaijan on behalf of the government
governed by the Civil Code. A general or by municipal bodies on behalf
partnership is established by at least two of municipalities. They may also be
legal entities or individual entrepreneurs founded by other public legal entities
with all partners having unlimited if the charters of the latter authorize
liability. A limited partnership is this.
established by at least two legal entities
and/or individual entrepreneurs with
at least one partner having unlimited
liability.
Doing Business in Azerbaijan 94Taxation 10 Doing Business in Azerbaijan
Introduction Statutory tax regime Taxable profit includes trading profit,
capital gains, profit from financial
There are currently two separate and The tax regime outlined below is based
activities and other profit sources.
distinct tax regimes in operation in on the Tax Code enacted on 1 January
Residents, including entities with foreign
Azerbaijan. These are the statutory 2001, as amended up to November
investments, are taxed on worldwide
profit tax regime and the special tax 2019. The main taxes and payments
profit. Non-residents are taxed only
regime. The latter is applicable in affecting foreign investors operating
on profit from business carried on in
limited cases, in particular to oil & under the statutory regime are as
Azerbaijan.
gas and mining companies operating follows:
under Production Sharing Agreements
• Corporate profit tax;
(“PSAs”) and/or Host Government Permanent Establishments (PEs)
Agreements (“HGAs”), as well as • Personal income tax; The Tax Code defines a PE as a non-
companies operating in special areas resident foreign legal entity or natural
• Value added tax.
(e.g., ports and high-tech parks). The person that carries on commercial
statutory (general) profit tax regime is In addition to the above, the legislation activities for no less than 90 cumulative
applicable to all other entities operating envisages social fund contributions and days in any twelve-month period.
in Azerbaijan. other taxes and charges (e.g., excise
tax, property tax, road tax and land tax). However, the Tax Code also provides
Foreign companies that are deemed to that entities that carry on exclusively
have a permanent establishment (“PE”) any or any combination of the following
in Azerbaijan are taxed on income Corporate Taxation activities do not create a PE in
derived from the commercial activities Azerbaijan:
of the PE in the country. Foreign Profit tax
companies receiving income from The following entities are subject to • The storage and display of goods;
Azerbaijani sources other than through profit tax in Azerbaijan:
• The storage of goods for processing
a PE are subject to withholding tax on • Azerbaijani legal entities, with or by another entity and subsequent
the amount of such income. without foreign ownership; export from Azerbaijan;
The PSA regime is a set of rules covering • Permanent establishments of foreign • The purchase of goods for
20+ production-sharing agreements legal entities; proprietary use and the collection of
that have been ratified by the Milli information;
Majlis. The PSA regime generally applies • Representative offices of foreign
to all contractor parties under the PSAs legal entities engaged in commercial • Any other preparatory or auxiliary
and their direct and indirect foreign activities in Azerbaijan; activities for proprietary purposes.
subcontractors. The HGA tax regime • Non-commercial organizations Foreign companies that do not operate
applies to entities working on the Baku- deriving income from commercial in Azerbaijan through a PE situated
Tbilisi-Ceyhan oil export pipeline and the activities. therein are subject to withholding tax
South Caucasus Pipeline. For a complete (see below) on any taxable income
summary of the PSA and HGA regimes received from Azerbaijani sources.
mentioned in this paragraph, please
refer to our separate Azerbaijan oil & It should be noted that the provisions
gas tax guide. of double tax treaties (see the list of
effective double tax treaties below)
prevail over those in the Tax Code.
Doing Business in Azerbaijan 11Tax rates Gains arising from the alienation of Type of assets Rate of
The general profit tax rate is 20%. An shares or other participating interests depreciation (%)
additional branch remittance tax of 10% in resident enterprises are also subject Capitalized land up to 7
applies to profit remittances from the to general profit tax. Such gains are improvements
branch to the head office. The taxable calculated as the difference between the and buildings
base is net profit after taxes. actual sale price and the nominal value Machinery and up to 20
of sold shares if the shares/participating equipment
interests are sold for a price exceeding High technology up to 25
Determination of taxable profit the proportional value of net assets equipment
Annual income disclosed in a company’s of the company corresponding to
Means of transport up to 25
Azerbaijani statutory accounts is the alienated shares/participating
Livestock up to 20
reduced by all business expenses except interest. If the sale price is lower than
the proportional value of net assets, Intangibles 10 (for those with
for those specifically disallowed by the an indeterminate
Tax Code. The most significant items the gain is calculated as the difference
period of use)
of non-deductible expenditures for tax between the proportional value of net
assets as at the date of sale and the All other assets up to 20
purposes are:
nominal value of the alienated shares.
• Depreciation and repair expenses in
50% of a taxpayer’s income from the Micro-enterprises are entitled to make
excess of the established limits (to
sale of shares/participating interests depreciation deductions for fixed assets
be capitalized and expensed through
owned by the taxpayer for at least 3 used in their entrepreneurial activities at
depreciation);
(three) years is exempt from profit tax. 2x the depreciation rates shown above,
• Entertainment, accommodation while small enterprises may make
and meal expenses (except for Interest and dividends deductions at 1.5x the rates shown
meal expenses for the provision of above.
Interest (except for interest on loans
“therapeutic nourishment”, milk
paid to local banks or non-resident Depreciation rates are applied to the
and similar foodstuffs to employees,
banks with PEs in Azerbaijan) and net book value of assets. Depreciation
which are deductible up to certain
dividend income received from may be applied at a lower rate than the
limits);
Azerbaijani companies and PEs of maximum rate. The balance resulting
• Business travel expenses in excess of foreign companies are subject to 10% from using the lower rate may be
the statutory limits. withholding tax. claimed in future periods.
Depreciation charges
Capital gains Losses and bad debts
All assets with a net book value of more
There is no separate capital gains tax than AZN 500 and a useful life of more Entities that have deductible expenses
in Azerbaijan. Capital gains are subject than one year must be capitalized and in excess of their annual income may
to profit tax in Azerbaijan only when an expensed through depreciation. The carry the resulting losses forward for
asset is alienated. Gains arising from applicable depreciation rates depend a period of up to five years and offset
the disposal of assets are calculated as on the category to which the assets them against profits for those years
the difference between the sale price belong. The following are the maximum without any limitation. Bad debts may
and the net book value of an asset depreciation rates by category for the be deducted from taxable income only if
(excluding VAT). most common groups of assets: they are recognized as having no value
12 Doing Business in Azerbaijanin the company’s accounts and were
reflected as income in previous periods.
Losses and bad debts recovered in
future periods are recognized as income
in the period of their recovery.
Transfer pricing rules
The Regulations on the Calculation
and Application of Transfer Prices
(“Regulations”) were adopted by the
Ministry of Taxes in 2017. They are
used for profit tax purposes. Transfer
prices calculated under the Regulations
may be used to recalculate profit tax
in respect of controlled transactions
between the following persons:
• A resident of Azerbaijan and a related
non-resident;
• A PE of a non-resident in Azerbaijan
and the non-resident itself or any of
its representative offices, branches or
divisions located in other countries or
any other person located in another
country that is a related person of
the non-resident;
• A resident of Azerbaijan and/or a PE
of a non-resident in Azerbaijan and
entities incorporated (registered)
in jurisdictions identified as having
preferential tax regimes.
As a rule, where the prices or margins
in controlled transactions involving
supplies of goods (works, services) are
not consistent with those of comparable
transactions carried out between
unrelated parties under the same or
similar conditions at arm’s length, the
tax base of the transaction may be
recalculated based on transfer prices.
Doing Business in Azerbaijan 13The Regulations also lay down certain quarter. Tax installments are estimated income from employment in Azerbaijan,
contingent methods for determining as one quarter of the tax payable for etc. The place of payment is irrelevant in
transfer prices if no information is the previous calendar year or may be determining the source of income.
available on comparable transactions. calculated by multiplying income for
the latest quarter by the ratio of tax to Rates
Taxpayers must submit a notification
annual income for the previous year. Income earned from employment in the
to the tax authorities in respect of
controlled transactions exceeding The final payment of the balance due oil and gas or public sectors is subject to
AZN 500,000 during the reporting must be made no later than 31 March of the following tax rates:
period. The deadline for submitting the following year. Failure to comply may
Monthly taxable Tax rates
the notification is 31 March of the year result in penalties (for details of these, income
following the reporting year. see the Interest and penalties section
Up to AZN 2,500 14%
below).
Over AZN 2,500 AZN 350 + 25%
of the amount exceeding
Market prices
AZN 2,500
In the case of import and export
operations, barter transactions, Individual tax Starting from 1 January 2019,
transactions between related parties individuals whose monthly income is less
Residency rules/scope
and transactions in which the price than AZN 2,500 are exempt from tax on
A resident is defined as an individual the first AZN 200 of their income.
differs by more than 30% from prices
who is physically present in the Republic Annual income of individuals engaged in
in transactions for the same (similar)
of Azerbaijan for a period of 183 days or non-entrepreneurial activity is taxed at
goods (works, services) on the market
more in a calendar year. Individuals not the rate of 14%. Individuals whose
during the preceding 30 days, or
meeting this requirement are considered annual income is less than AZN 30,000
where property is insured for amounts
to be non-residents unless otherwise are exempt from tax on the first AZN
exceeding its net book value, or where
determined by the application of tie- 2,400 of their income. Individuals who
the minimum amount of monthly rent
breaker rules. derive income from business activities
for real estate (other than housing)
is required to be established for tax Residents are taxed on their worldwide without forming a legal entity are liable
purposes, taxes may be recalculated income, while non-residents are taxed to personal income tax at the rate of
based on the market price. only on their Azerbaijani source income. 20%.
Tax on Azerbaijani source income is Effective from 1 January 2019,
normally paid by withholding tax at employees not working in the oil and
Declarations and payments source at progressive rates. Income gas and public sectors are eligible for
Profit tax is calculated on a calendar from overseas sources is assessed reduced PIT rates as follows for a period
year basis. All taxpayers must submit on a current year basis for residents. of 7 years:
their profit tax returns no later than An Azerbaijani source of income is
Monthly taxable Tax rates
31 March of the year following the defined as any income from commercial
income
reporting year. The deadline may be activities and sources in Azerbaijan, and
Up to AZN 8,000 0%
extended by three months provided specifically includes dividends received
that tax is paid in full by the original due from Azerbaijani companies, income Over AZN 8,000 14% of the amount
from the sale of shares and participating exceeding AZN 8,000
date. Tax installments are due quarterly
by the 15th of the month following each interests in Azerbaijani companies,
14 Doing Business in AzerbaijanDetermination of taxable income In addition, effective from 1 January 50% of a taxpayer’s income from the sale
Virtually all forms of compensation to an 2018, employers must withhold 0.5% of shares/participating interests owned
employee are taxable, including hardship from the employee’s monthly wage by the taxpayer for at least 3 (three)
and cost of living allowances, payments and contribute it to the Unemployment years is exempt from income tax.
by an employer for the education of an Fund as an unemployment insurance
Interest on deposits of individuals
employee’s child and payment of taxes premium.
and dividends received by individual
on behalf of an employee, unless they shareholders of JSCs are exempt from
are specifically exempted. One such taxes until 1 February 2023.
exemption is accommodation and meal Capital gains and investment
expenses incurred by an employer on income Declarations and payments
behalf of employees, provided that Sales of movable assets are not
no tax deduction is made for these Both residents and non-residents must
generally subject to income tax unless complete and file their income tax
expenses on the profit tax return. the disposal relates to business or other declarations no later than 31 March
entrepreneurial activities. The sale of an of the following tax year. Tax must be
immovable asset is not subject to tax if paid before the filing deadline. Where
Social Insurance Fund contributions it has been the place of residence of the a taxpayer only has Azerbaijani source
payable by employees seller for at least five years. Except for income, which is subject to withholding
Subject to the exception below, both these two exemptions, all other gains tax at source, the individual is not
Azerbaijani and foreign nationals resulting from the sale of property are required to submit an income tax
earning employment income in taxable based on the annual income tax declaration.
Azerbaijan must contribute 3% of their rates for individuals and the profit tax
gross salary to the Social Insurance Fund rate for legal entities. The deadline for filing declarations may
of Azerbaijan (“Fund”). be extended by three months provided
Gains arising from the alienation of that tax is paid in full by the original due
For individuals engaged in employment shares or other participating interests date. Failure to comply may result in
activities in neither the oil and gas in resident enterprises are also subject penalties (for details of these, see the
sector nor the public sector, the to general income tax. Such gains Interest and penalties section below).
following amounts must be withheld must be calculated as the difference
from the employee for a period of 7 between the actual sale price and the
years starting from 1 January 2019: nominal value of the sold shares if the
Gross taxable monthly income of:
shares/participating interests are sold Value added tax (VAT)
for a price exceeding the proportional
Scope
• below AZN 200 – 3% of the amount; value of net assets of the company
corresponding to the alienated shares/ All companies that do business and/
• above AZN 200 – 10% of the amount participating interest. If the sale price or import goods and services into
exceeding AZN 200 plus AZN 6. is lower than the proportional value of Azerbaijan are subject to VAT. Effective
net assets, the gain is calculated as the from 1 January 2017, the trade-markup
Contributions are to be withheld
difference between the proportional applied to retail sales of agricultural
at source and remitted to the Fund by
value of net assets as at the date of sale produce is also subject to VAT.
the employer. Fund contributions are
not applicable to foreign employees and the nominal value of the alienated
who are employed under PSA-related shares. Rate
contracts. The standard VAT rate is 18%.
Doing Business in Azerbaijan 15VAT registration Determination of the taxable base for with foreign financial donations. There are detailed requirements for VAT is levied on turnover from supplies Exempted goods and services include: VAT registration and accounting, with of all goods and services, including • Financial services; set penalties for non-compliance. Legal imports, unless they are zero rated or entities and individuals with taxable specifically exempt. Barter and free • Currency and securities transactions; turnover exceeding AZN 200,000 over supplies of goods and services are • Publications. twelve consecutive months, excluding specifically included in the taxable base. those involved in trade and public All excise taxes and customs duties paid Generally, goods are deemed to be catering services, must register as VAT are also included in the taxable base for imported or exported if they undergo payers. VAT purposes. customs clearance. Other companies doing business Zero-rated goods and services include There are detailed place of supply rules in Azerbaijan may register voluntarily. exports, transit and international for determining the treatment of exported Only registered VAT payers may charge transportation, purchases of goods and imported services. Azerbaijani tax VAT or claim credit for input VAT that and services for projects funded by legislation generally allows credit for input they pay. international loans, and imports paid VAT on commercial goods or services. 16 Doing Business in Azerbaijan
However, credit is allowed only if VAT is Declarations and payments • In the case of accounts receivable —
paid to suppliers through a designated Declarations must be filed and VAT the date of the expiration of the
VAT deposit account (see below for must be remitted monthly by the 20th recovery period;
additional information). Credit is not of the following month. Whereas before • In the case of in-kind and barter
allowed for input VAT in relation to VAT 1 January 2020, output VAT was transactions — the date of the
exempt goods or services (such input generally accounted for on both accrual alienation of assets;
VAT can only be claimed as a deduction and cash bases and input VAT was
for profit tax purposes). If input VAT accounted for on a cash basis, starting • In the case of alienation without
exceeds output VAT, the excess input from 1 January 2020 both output and consideration — the actual date of
VAT may be carried forward or offset input VAT is accounted for on a cash such alienation;
against certain VAT or other tax basis. VAT on imported goods is paid • In the case of the assignment of
liabilities. Taxpayers may also apply to separately at the point of customs a claim — the actual date of such
the tax authorities for a refund of excess clearance. assignment.
input VAT. VAT on purchases of fixed
and intangible assets is not capitalized Where a purchaser does not pay
as part of the asset’s cost, but offset Timing of transactions for VAT for goods or services received from
against output VAT. a supplier, but grants a loan to the
purposes
supplier, a taxable transaction is deemed
In accordance with amendments made to have occurred:
to the Tax Code which are effective from
Reverse charge of VAT • On the date of the supply if the loan
1 January 2020, for VAT purposes
Foreign companies that provide services transactions are recognized based on was granted before the supply was
in Azerbaijan without establishing a the date of payment. “Payment” in made;
PE must pay VAT on taxable sales in this context means the receipt of the
Azerbaijan. In such cases, VAT is applied • On the date of the loan if the loan was
principal amount due (exclusive of VAT) granted after the supply was made.
through the reverse charge mechanism. for goods (works, services) supplied.
In other words, it is self-assessed by the Where payment for goods or services
recipient of the services and remitted to Provisions have been introduced to supplied is made in installments, each
the state budget. clarify the concept of payment in installment is considered as a separate
specific cases. Specifically, the date of taxable transaction.
payment is defined as:
VAT deposit accounts • The date on which money is received
All VAT payers are required to remit by the taxpayer in cash or as a Electronic Delivery Notes
VAT amounts through designated transfer to an account held by or
Effective from 1 January 2017, an
bank accounts known as VAT deposit otherwise at the disposal of the
electronic delivery note is defined as a
accounts. Only VAT payments made taxpayer;
primary accounting document prepared
through these accounts may be credited
• In the case of mutual settlements — in electronic format that is issued by
against output VAT. The VAT is then
the date of the discharge or a person supplying goods, services or
claimed by the payer.
settlement of an obligation; works to individual entrepreneurs and
legal entities. As from 1 January 2020,
electronic VAT invoices have been
abolished and electronic delivery notes
Doing Business in Azerbaijan 17are the only documents required to be Where excisable goods are produced the following year. Tax due is payable in
issued by suppliers to their customers from excisable supplies, any excise tax quarterly installments by the 15th of the
when selling goods or providing services paid on the supplies may be deducted second month of the calendar quarter in
or works. Electronic delivery notes from the excise tax due on the finished the amount of 20% of the property tax
issued by the supplier suffice for a product. due for the previous year.
transaction to be recognized and for
Declarations must be filed and payment
input VAT to be reclaimed.
must be made monthly by the 20th
Electronic delivery notes must be of the following month. Excise tax is Road tax
provided for supplies of goods (services, deductible for profit tax purposes. Non-resident owners of vehicles
works) to legal entities and individuals entering the territory of Azerbaijan to
engaged in entrepreneurial activities. transport passengers or cargo must pay
Property tax road tax. The road tax payable by such
The general format and content of non-resident owners is collected by the
electronic delivery notes and the Property tax is levied at the rate of 1%
customs authorities at rates depending
procedures for their issue, amendment of the average annual net book value
on the engine volume and weight of the
and cancellation are laid down in the of fixed assets, including buildings,
vehicle, the period of stay in Azerbaijan,
Regulations on Electronic Delivery Notes machinery and equipment (excluding
the number of seats, the axle load and
approved by a Resolution of the Cabinet vehicles). The taxable base is calculated
the nature of imported products.
of Ministers. as the average of the values at the
beginning and end of the year. If Tax is also indirectly applicable to
property of an enterprise is insured for vehicles used locally through the
an amount exceeding its residual value, taxation of automobile gasoline,
property tax is calculated at the rate of diesel fuel and liquid gas producers
Other taxes and fees 1% of its market price. Property tax is and importers. Specifically, AZN 0.02
Excise tax deductible for profit tax purposes. The is added to the wholesale price per
Excise taxes range from 3% to 72% for following are exempt from property tax: liter of automobile gasoline, diesel
domestically produced hydrocarbon fuel and liquid gas produced for
• Facilities that are used for
products and from AZN 0.2 to AZN 3.2 local consumption or imported into
environmental protection, fire safety
per liter for alcoholic beverages. The Azerbaijan.
or civil defense purposes;
rate for tobacco products is AZN 31 per
1,000 units. Excise tax and VAT are not • Product pipelines, railways and
included in the taxable base. Imported motorways, communication and Land tax
automobiles, yachts, platinum, gold, power transmission lines, irrigation Companies using land are generally
and diamonds are also subject to excise facilities, satellite and other subject to land tax calculated at AZN
taxes. aerospace assets; 2 to AZN 20 per 100 square meters,
Excise tax for platinum is AZN 4 per • Vehicles; depending on location. Land tax is
gram; for gold it varies from AZN 1.5 deductible for profit tax purposes.
• Property of educational, health, sport
to AZN 6 per gram depending on the Taxpayers are required to submit their
and cultural institutions used only for
amount of gold in a thousand weight declarations annually by 15 May. The
officially designated purposes.
units; for diamonds it is AZN 400 per tax is payable twice a year, no later than
carat, but the calculation may differ Taxpayers are expected to submit their 15 August and 15 November.
depending on the diamond’s size. declarations no later than 31 March of
18 Doing Business in AzerbaijanSocial Insurance Fund employer
contributions
Employers in the oil and gas sector and
the public sector are required to make
contributions to the Fund amounting to
22% of the gross payroll for both local
and foreign employees.
Effective from 1 January 2019,
employers other than those operating
in the oil and gas and public sectors are
required to make Fund contributions
amounting to 22% of the gross taxable
monthly income of both local and
foreign employees if their gross taxable
monthly income is below AZN 200,
and 15% of the amount exceeding AZN
200 plus AZN 44 if their gross taxable
monthly income is above AZN 200, for a
period of 7 years.
These contributions are made at the
expense of the employer and are
deductible for profit tax purposes.
Relevant reports must be filed quarterly
by the 20th of the following month.
Fund contributions do not have to be
made in relation to foreign employees
employed under PSA-related contracts.
In addition, effective from 1 January
2018, employers contribute 0.5%
to the Unemployment Fund as an
unemployment insurance premium.
Mining tax
All companies and individuals engaged
in extracting mineral resources are
subject to mining tax at the appropriate
rate in addition to any land tax due.
Doing Business in Azerbaijan 19Mining tax is deductible for profit tax • Alienation of land — taxation depends • Persons who provide services other
purposes. The tax is applied to the on the location and purpose of use. than services rendered to persons
wholesale price of oil, natural gas and Agricultural land is subject to tax not registered as taxpayers (except
all types of metals at rates ranging from calculated at AZN 0.5 per square for persons who pay fixed amounts of
3% to 26%. For all other taxable mineral meter, while for other types of land simplified tax);
resources, the rates range from AZN 1 tax is calculated at AZN 0.5 per
• Persons engaged in the production of
to AZN 10 per cubic meter. Taxpayers square meter and multiplied by the
goods that are excisable and subject
are required to submit their declarations appropriate location coefficient
to mandatory labeling;
monthly by the 20th of the following specified in the Tax Code.
month. The tax is payable monthly by Legal entities operating under the • Persons engaged in production
the 20th of the following month. simplified tax regime do not pay VAT or activities that have more than 10
profit tax. employees;
Any taxpayer whose business is • Persons engaged in the provision
Simplified taxation system transporting passengers or cargo of their own residential and non-
Legal entities and individual (except for international transportation) residential premises – AZN 15
entrepreneurs that are not required to is liable to pay a fixed amount of multiplied by the location zone rate,
register for VAT purposes in Azerbaijan simplified tax and is required to obtain varying from 1.2 to 4.0 per square
are eligible to be registered as payers of what is referred to as a “distinguishing meter;
simplified tax, which is generally levied license plate”. Taxpayers who are
at 2%. The taxable base is gross income • Persons engaged in wholesale
not involved in a local transportation
received from sales of goods, works and activities;
business and own vehicles for the
services, except for income subject to transportation of their own cargo and • Credit organizations, professional
withholding tax. employees must obtain a “special participants in the insurance market
Persons engaged in public catering distinguishing license plate” to (other than insurance agents
activities with a taxable turnover differentiate themselves from simplified providing services relating to
exceeding AZN 200,000 in any taxpayers. Both distinguishing license compulsory insurance agreements),
month(s) over a period of 12 plates and special distinguishing license investment funds and managers of
consecutive months are also entitled to plates are issued by the Ministry of such funds, persons licensed in the
register as payers of simplified tax. The Transport of Azerbaijan at no cost within securities market, and pawnshops.
tax rate in such cases is 8%. two and five days respectively.
Import tax
Taxpayers under the simplified tax
Special simplified tax rates are regime must submit their declarations The maximum rate of import tax is
established for taxpayers engaged in quarterly by the 20th of the following currently 15%. There are certain import
certain activities (the list below is non- month. The tax is payable quarterly by tax exemptions.
exhaustive): the 20th of the following month. Customs processing fees are payable
• Persons engaged in the provision Persons who do not have the right to on imported goods in amounts ranging
of their own residential and non- become simplified taxpayers include: from AZN 10 to AZN 550 (depending
residential premises — AZN 15 • Persons engaged in trading activities on the value of the goods declared
multiplied by the location zone rate, for whom the volume of taxable and whether customs clearance takes
varying from 1.2 to 4.0 per square transactions in any month (months) place within or outside regular working
meter; during a period of 12 consecutive hours and within or outside the customs
months exceeds AZN 200,000; territory).
20 Doing Business in AzerbaijanExport tax Nature of payment Rate of withholding
Most goods are exempt from export tax. tax (%)
Insurance premiums 4%
Fees for international communication and freight services 6%
Interest and penalties Dividends and interest, including the interest element of financial lease 10%
Interest and penalties are applied for payments
non-compliance with tax legislation. Management fees and fees for other services performed or deemed to 10%
For example, interest is charged on be performed in the territory of Azerbaijan but not connected with an
outstanding tax liabilities at the rate of Azerbaijani PE
0.1% per day. Rents and royalties 14%
The following is a non-exhaustive list of Branch remittance tax — for the remittance of profit derived from a 10%
permanent establishment in Azerbaijan to the head office
penalties that may be applied for non-
compliance with tax legislation: Payments to countries with a favorable tax regime* 10%
* The list of countries with a favorable tax regime is approved by the President of the Republic of Azerbaijan.
Offence Penalty
Withholding tax
Failure to file declarations AZN 40
Scope
Understatement of tax liability 50% of understated tax
Withholding tax is applicable to the
Payments from petty cash while bank accounts are 50% of expenses paid from petty
repatriation of profit and other cross- under tax sanctions or penalties imposed by the cash
border payments to foreign companies tax authorities
not related to a PE in Azerbaijan. The Failure to register a foreign bank account with the tax 100% of the revenue collected
tax is payable at the following rates: authorities on such accounts
Delay in paying VAT on supplier/service provider 50% of VAT paid in violation of
invoices in accordance with the rules on the payment the special rules
Double tax treaties of VAT using a designated bank account
The rate of withholding tax under Carrying out cash settlements in violation of the rules 1st time in a calendar year — 10%
existing double tax treaties varies on cases where cash settlements are prohibited of the total transaction amount;
depending on the content of a 2nd time — 20%;
particular treaty. The maximum rates 3rd time or more — 40%.
of withholding tax under current double Purchasing goods without receiving a delivery note, 1st time in a calendar year — 10%
tax treaties are shown in the table electronic delivery note or e-VAT invoice of the value of the goods purchased;
below. 2nd time — 20%;
3rd time or more — 40%.
Supplying goods without issuing an electronic delivery 1st time in a calendar year — 10%
note or an electronic tax invoice required to be issued of the value of the goods supplied;
under the Tax Code 2nd time — 20%;
3rd time or more — 40%.
The statute of limitations for a tax violation is three years.
Doing Business in Azerbaijan 2122 Doing Business in Azerbaijan
Payee resident in Dividends Interest Royalties Payee resident in Dividends Interest Royalties
(%) (%) (%) (%) (%) (%)
Austria 5/10/15 0/10 5/10 Macedonia 8 0/8 8
Belarus 15 0/10 10 Malta 8 0/8 8
Belgium 5/10/15 0/10 5/10 Moldova 8/15 0/10 10
Bosnia and Herzegovina 10 0/10 10 Montenegro 10 0/10 10
Bulgaria 8 0/7 5/10 Netherlands 5/10 0/10 5/10
Canada 10/15 0/10 5/10 Norway 10/15 0/10 10
China 10 0/10 10 Pakistan 10 10 10
Croatia 5/10 0/10 10 Poland 10 0/10 10
Czech Republic 8 0/5/10 10 Qatar 7 0/7 5
Denmark 5/15 0/8 5/10 Romania 5/10 0/8 10
Estonia 5/10 0/10 10 Russian Federation 10 0/10 10
Finland 5/10 0/10 5/10 San Marino 5/10 0/10 5/10
France 10 0/10 5/10 Saudi Arabia 5/7 0/7 10
Georgia 10 0/10 10 Serbia 10 0/10 10
Germany 5/15 0/10 5/10 Slovenia 8 0/8 5/10
Greece 8 0/8 8 South Korea 7 0/10 5/10
Hungary 8 0/8 8 Sweden 5/15 0/8 5/10
Iran 10 0/10 10 Switzerland 5/15 0/5/10 5/10
Israel 15 0/10 5/10 Tajikistan 10 0/10 10
Italy 10 0/10 5/10 Turkey 12 0/10 10
Japan 15 0/10 10 Turkmenistan 10 0/10 10
Jordan 8 0/8 10 UAE 5/10 0/7 5/10
Kazakhstan 10 0/10 10 Ukraine 10 0/10 10
Kuwait 5/10 0/7 10 United Kingdom 10/15 0/10 5/10
Latvia 5/10 0/10 5/10 Uzbekistan 10 0/10 10
Lithuania 5/10 0/10 10 Vietnam 10 0/10 10
Luxembourg 5/10 0/10 5/10 Notreaty country 10 10 14
Doing Business in Azerbaijan 235 Accounting and reporting 24 Doing Business in Azerbaijan
All entities registered in Azerbaijan Investment Incentive for a period of 7 years from the date
(Azerbaijani legal entities, the Certificate is obtained:
representative offices and branches) Certificates
An investment incentive certificate • Personal income tax — 50% of an
are required to maintain their books and
(“Certificate”) entitles its holder to tax individual entrepreneur’s income;
records in the territory of Azerbaijan
in accordance with the appropriate and customs benefits. The Certificate • Profit tax — 50% of a legal entity’s
standards. is granted by the Ministry of Economy income;
of Azerbaijan to entrepreneurs who
The Law on Accounting stipulates that have submitted investment projects • VAT — full exemption for the
all public interest entities, including that meet criteria approved by the import of machinery, production
credit institutions, insurance companies, Cabinet of Ministers regarding the field equipment and devices by individual
investment funds and managers of such of economic activity, the minimum entrepreneurs and legal entities;
funds, non-public (private) social funds, investment amount and the region in • Property tax — full exemption for
licensed participants in the securities which the investment project is to be relevant property of individual
market, listed entities, commercial carried out. Accordingly, the Tax Code entrepreneurs and legal entities;
organizations meeting certain criteria and the Law on Customs Tariffs set out
and, subject to certain exceptions, the applicable tax and customs duty • Land tax — full exemption for relevant
public legal entities, must maintain their exemptions for entrepreneurs. The land parcels owned or used by
records in accordance with International following exemptions from taxes apply individual entrepreneurs and legal
Financial Reporting Standards (“IFRS”). entities.
At the same time, large and medium-
sized enterprises and medical and
educational institutions must follow IFRS
for Small and Medium-Sized Entities
(“IFRS for SME”) if their charters allow
them to engage in entrepreneurial
activities. All other large and medium-
sized enterprises may also use IFRS.
Micro and small enterprises may either
use the bookkeeping rules for micro and
small enterprises set by the Ministry of
Finance of Azerbaijan, or follow IFRS for
SME.
Doing Business in Azerbaijan 256 EY Azerbaijan 26 Doing Business in Azerbaijan
Introduction and perform profit tax return audits for advises on all aspects of corporate and
numerous contracting parties owning personal tax planning and compliance
EY has led projects in Azerbaijan
interests in various PSAs. and licensing, corporate, insurance,
continuously since 1993. We were
business, migration, contract and labor
the first international accounting and We also provide accounting advice and
law. We have provided advice on local
tax consulting network to establish a other Assurance services to foreign
and international tax and legal issues
member firm in Azerbaijan. Our office and Azerbaijani companies preparing
to numerous international entities that
in Baku opened in 1994. Currently we accounts in accordance with IFRS, US
have already made or are considering
have a team of over 200 professionals, GAAP and UK GAAP.
making investments in Azerbaijan.
led by Assurance Partner Ilgar Veliyev,
Our areas of expertise include
a member of the American Institute of
international tax planning, transaction
CPAs.
structuring, expatriate tax affairs, local
Tax & Law tax compliance, currency and foreign
EY is recognized as the leading tax exchange planning and legal advisory
and legal advisor in Azerbaijan. The and due diligence, as well as litigation
Services Tax and Law service line is headed by support, representing clients in disputes,
EY Azerbaijan, in conjunction with Partner Arzu Hajiyeva. Through its including in proceedings before courts
partners and staff in other EY offices, team of tax and legal consultants, EY and other adjudicatory bodies.
provides Assurance, Tax & Law, Advisory
and Transaction Advisory Services to
both international and local clients.
We have undertaken a number of major
assignments in the country relating to
inbound investment, enterprise and
sector restructuring, and public policy.
Assurance
EY has been licensed to conduct audits
in Azerbaijan since 1994. We have
gained unprecedented experience in
that time.
Many of the auditors at our Baku office
are certified public accountants (US)
and/or ACCA members.
We provide audit services to numerous
companies operating in Azerbaijan
under PSAs. We audit the cost recovery
reports and profit tax returns of all PSAs
Doing Business in Azerbaijan 27Our impressive client base speaks for Our clients in Baku are major private We provide a full range of hands-
itself. The firm has established good holdings and state-owned entities. As on, operationally focused support
working relationships with key state part of a global network, we are able to and advice across the transaction
bodies and government agencies and team up with professionals from all over life cycle, on both buy-side and sell-
is in a position to facilitate negotiations the world to help our clients overcome side. We also put together the most
between potential investors and the market challenges and address unique effective restructuring plans, improving
authorities. business risks. We combine our transactions to achieve clients’ strategic
international perspective and experience goals.
This continues to be a key service
with knowledge of the local market
in a legislative environment that Our services include assistance in
and realities to provide unsurpassed
is constantly evolving and open to valuing clients’ businesses, financial
consulting services, ensuring our clients’
interpretation. interests, assets and liabilities, utilizing
businesses grow.
our proven experience in legal taxation
The firm’s tax practice receives technical
Our major services include: and financial due diligence to provide
support and a wider perspective on tax
clients with valuation advice for a
affairs in the CIS through its links with • Performance Improvement;
multitude of purposes. With more than
the rest of the EY network.
• Financial Services Advisory. 10 years of local expertise, we provide
the following Transaction Advisory
Services:
Advisory Services Transaction Advisory
• Lead Advisory;
EY’s Advisory practice comprises • Operational Transaction Services;
professionals with extensive experience
Services
EY’s Transaction Advisory Services • Real Estate Advisory Services;
in addressing a broad spectrum of
business goals. We are experts in team provides assistance in finance • Restructuring;
delivering performance improvements raising (including project finance,
infrastructure financing and public- • Transaction Support;
and business value to our clients,
reducing costs, managing risks, private partnerships), mergers and • Transaction Tax;
operating efficient IT systems, and acquisitions, infrastructure and real
estate transactions. We are experienced • Valuation & Business Modeling.
successfully accomplishing operational
and strategic objectives. independent financial advisors who have
participated in numerous transactions
A dedicated team develops each project regionally and locally.
based on the specific features of the
industry and the client.
28 Doing Business in AzerbaijanErnst & Young Holdings (CIS) B.V. Baku office
Assurance Services Tax & Law Services
Ilgar Veliyev Arzu Hajiyeva
Country Managing Partner Partner, Head of Tax and Law
+994 12 490 70 20 +994 12 490 70 20
Ilgar.Veliyev@az.ey.com Arzu.Hajiyeva@az.ey.com
Azer Babayev Hidayat Azimov
Partner Head of Law
+994 12 490 70 20 +994 12 490 70 20
Azer.Babayev@az.ey.com Hidayat.Azimov@az.ey.com
Turgay Teymurov Transaction Advisory Services
Partner Ruslan Rzayev
+994 12 490 70 20 Head of TAS
Turgay.Teymurov@az.ey.com +994 12 490 70 20
Ruslan.Rzayev@az.ey.com
Advisory Services
Nargiz Karimova
Head of Advisory Services,
Assurance Partner
+994 12 490 70 20
Nargiz.Karimova@az.ey.com
Address Communications
Port Baku Towers Inara Akhundova
Business Centre, Head of Brand, Marketing
South Tower 9th floor and Internal Communications
153 Neftchilar avenue Tel.: +994 12 490 70 20
Baku, AZ1010, Azerbaijan Inara.Akhundova@az.ey.com
Doing Business in Azerbaijan 29EY | Assurance | Tax | Transactions | Advisory 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 in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, 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. 5,500 professionals work at 19 CIS offices (in Moscow, Ekaterinburg, Kazan, Krasnodar, Novosibirsk, Rostov-on-Don, St. Petersburg, Togliatti, Vladivostok, Almaty, Atyrau, Nur-Sultan, Baku, Bishkek, Kyiv, Minsk, Tashkent, Tbilisi, Yerevan). 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. © 2020 Ernst & Young Holdings (CIS) B.V. All Rights Reserved.
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