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2 clusters · 8 sources · 4 days · First seen · Last updated

Azerbaijan digital and technology sector reforms

Overview

Azerbaijan is pursuing economic diversification through legislative and regulatory reforms aimed at strengthening its digital and technology sectors.

To improve transparency and tax compliance within the digital economy, the State Tax Service has begun requiring non-resident digital service providers with annual turnovers in Azerbaijan exceeding 10,000 USD to register for VAT. Recent registrations include international entities such as Valve Corporation, Xsolla, Inc., Cleverbridge GmbH, and Formula One Digital Media Limited.

Parallel efforts to foster a domestic technology sector include establishing a legal framework for investment instruments to assist startups and investors. The government intends to launch a fund combining local and international capital to support innovation. Additionally, the central bank is expected to finalize regulations for equity and debt-based crowdfunding to bolster the venture capital market, which currently consists of three local funds.

Entities

Caucasus Ventures · Baku · Uzbekistan · Formula One Digital Media Limited · Rashad Hasanov

Timeline

  1. 10 days ago

    [BUSINESS] 6 sources
    Azerbaijan implements reforms to grow technology sector

    Azerbaijan is pursuing economic diversification by implementing new legal frameworks to attract venture capital and transform Baku into a regional technology and innovation hub.

  2. 13 days ago

    [BUSINESS] 2 sources
    Azerbaijan registers four international companies for VAT compliance

    Azerbaijan has registered four international companies, including Valve Corporation and Xsolla, for VAT purposes to enhance digital economy transparency and tax compliance.

Sources

banker.az · en.trend.az · eng.khovar.tj · eyyubiye63.com · newshub.uz · srnnews.com · theNEXTweb.com · trend.az