Proposals for the introduction of environmental taxes are set to be prepared in Azerbaijan, announced Samira Musayeva, Deputy Head of the State Tax Service at the Ministry of Economy, Azernews reports.

Musayeva noted that environmental taxes are commonplace in most countries worldwide: "With Azerbaijan hosting the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) this year, there is a pressing need for tax reforms that promote environmental sustainability in Azerbaijan. As the State Tax Service, we will engage in extensive discussions with the public and formulate proposals aimed at introducing environmental taxes and implementing reforms conducive to an ecologically sustainable economy."

It's worth mentioning that environmental taxes are typically imposed on enterprises operating in sectors with adverse environmental impacts, and they are already in place in various countries, including the European Union, the USA, Russia, and others.

Additionally, Musayeva outlined forthcoming innovations concerning the registration of foreign-invested commercial institutions in Azerbaijan.

"As part of our efforts, we plan to broaden the coordination scope of databases among state bodies involved in the registration process and establish technical capabilities for maintaining the register of beneficial owners. Furthermore, we aim to proactively manage subsequent changes in registered data for commercial entities, such as alterations in founders and managers, facilitating registration processes," she said.