Azernews.Az

Azerbaijan is the leader among World Bank partner countries on investments per capita, WB Baku office head Joseph Owen has said.

"The WB’s current portfolio in Azerbaijan is at a sufficiently high level of $2.3 billion," he told a forum, "Tax System of Azerbaijan: realities and prospects", in Baku on Thursday. "Azerbaijan is the third partner country in terms of portfolio volume and first in terms of investment per capita."

Owen said Azerbaijan’s taxation system is becoming more efficient. "The existing legislation creates sound conditions for this," he said.

He emphasized the role played by the international community, the European Union, particularly, the Netherlands, in developing the country’s taxation system.

"There is great potential for further development, including for expanding the tax base and improving tax administration," Owen said.

The WB has invested $3 billion in 43 projects in Azerbaijan since it joined the International Bank for Reconstruction and Development (IBRD) in 1992 and the International Development Association in 1995.

The International Finance Corporation’s (IFC) obligations after Azerbaijan joined the group in 1995 have reached about $350 million under 45 projects.