Fazil Mammadov, the Azerbaijani Minister for Taxes, stated on 23 November 2006 that a total of 476 taxpayers holding Turkish investments have been registered at the Azerbaijani Ministry of Taxes. He was addressing a ceremony to award distinguished taxpayers on entering the international society of the Azerbaijani-Turkish industrials and Businessmen, Trend reports.
In general, 20 companies have been acknowledged for tax payment, including Azercell, Coca Cola, Tekfen, Azerturkbank, and the Turkish-American Medical Center.
The Minister noted that of the taxpayers present, 317 companies held 100% Turkish capital, 42 companies were involved in joint ventures and 70 were representatives.
Over the first 9 months of 2006 some AZN126.3 mln has been remitted to the Public Budget of Azerbaijan, 2.2 more than in 2005.
Tax revenue rose 7% compared to 2005.
The Minister said that a major part of the tax revenue is from the non-oil sector.
Turkish entrepreneurs play considerable role in the development of the non-oil sector in Azerbaijan.
