Garabagh Revival Fund among Azerbaijan’s 100 largest taxpayers
Baku, April 10, AZERTAC
The State Tax Service under the Ministry of Economy of the Republic of Azerbaijan has published its annual lists of the top 100 taxpayers for 2025.
Two separate rankings are compiled: one by total taxes paid to the state budget, and another by tax assessment excluding indirect taxes (VAT and excise). Inclusion on these lists is voluntary — taxpayers consent to public disclosure of their contributions.
The Garabagh Revival Fund (GRF), a public legal entity, is included in both lists — ranking 43rd in the rating calculated based on direct taxes, excluding indirect taxes (VAT and excise duties), and 74th in terms of the total amount of taxes paid.
GRF’s position reflects the returns generated through the responsible management of funds donated to support the Fund’s mission.
The income earned by the Fund through effective investment activity not only provides additional financial resources necessary to sustain reconstruction efforts in the liberated territories but also directly supports Azerbaijan's state budget through taxation.
GRF’s total tax contributions for 2025 constituted 19 million AZN, of which 18,5 million AZN represents profit tax on investment income.
It is worth explaining how this income is generated. Since its establishment, GRF has received over 1.5 billion AZN in voluntary donations from private and corporate donors — a testament to the national solidarity of the Azerbaijani people in the revival of the liberated territories.
The funds received are gradually allocated toward reconstruction and development projects in the liberated territories, in accordance with the Fund’s priorities and the Great Return state program. However, to ensure the Fund’s long-term sustainability, GRF places available funds in conservative, low-risk investment instruments such as government and public institution bonds, as well as deposits placed at state-owned and systemically significant banks. This approach aims not only to preserve existing resources but also to generate additional financial capacity to fulfil the Fund’s mission.
As a public legal entity, GRF does not distribute dividends. Accordingly, every manat of investment yield strengthens the Fund’s capacity to finance projects in the liberated territories — from cultural heritage restoration and environmental rehabilitation to human capital development and support for returning populations.
As the reconstruction of Garabagh and East Zangezur advances from foundational infrastructure toward economic diversification and social development, these additional resources will become increasingly important in enabling the Fund to broaden its contribution.
GRF’s participation in the Tax Service’s voluntary disclosure initiative reflects the Fund’s established approach to public accountability.
Since the very beginning of its operations, the Fund has published its audited financial statements and independent auditor reports on its website.
Operating on donor trust, GRF considers transparency not a distinction but a baseline obligation to the broader public.
The Fund’s 2025 financial statements are currently under audit by PwC and will be published upon completion.
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