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Azerbaijan Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
10,046,516 (July 2018 est.)GDP (PPP)
$172.2 billion (2017 est.)Oil exports was the main economic driver of the economy of Azerbaijan (and it still is today despite the fall in prices)
GDP growth rate
0.1% (2017 est.)The economy slowed sharply after the oil price crash, at the same time the construction sector has also lost speed
GDP (PPP) per capita
$17,500 (2017 est.)Low
Local currency
Azerbaijani manat (AZN)Weak currency dependent on oil&gas prices (the main engine of Azerbaijan economy). Stable in the last 3 years, but strongly depreciated in 2015
Financial stability (Public debt)
54.1% (2017 est.)Low, however it increased sharply in the last years
Inflation
13.0% (2017 est.)High
Language
Azerbaijani (Azeri) (official)English is not widely spoken
Corruption perception index (Source: Transparency International)
Rank 152/180Very high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
18% standard VAT rateNo VAT on some very specific goods/services (include international and transit cargo and passenger transportation, as well as the supply of works and services directly connected with international and transit flights)
Corporate Tax
20% standard corporate tax rateSimplified tax system is available under specific conditions, with these conditions tax rate of 2% on gross revenue, whereas the simplified tax rate for enterprises rendering catering services with taxable transactions exceeding AZN 200,000 shall be at 8%
Duties
Customs duty rates on imported goods range from 0% to 15%
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