Azerbaijan Tax Ministry: Tax Code amendments aim to foster business

13:23 - 3.12.2018


December 3, Fineko/abc.az. The amendments to the Tax Code are classified into five main categories.

Samira Musayeva, director general of the Tax Policy Department of the Ministry of Taxes, stated at the briefing that the amendments are primarily aimed to support entrepreneurship, reduce tax evasion and the scale of the shadow economy, expand the taxable base, improve tax administration and the efficiency of tax benefits.

"One of the main goals of the amendments is to diminish much the burden of income tax for employees of the private non-oil sector and introduce the sanctions for illegal turnover of goods, which are associated with the mechanism of tax control improvement," she stressed.

According to Musayeva, within the framework of the amendments on VAT refunding to consumers in the amount of 15% for non-cash and 10% for cash payments in retail trade facilities and catering facilities. The relevant legislative framework on these procedures will be prepared.

"Thus, reduction of the simplified tax level to 2% across the country, provision of benefits on non-cash payments in retail trade facilities and catering facilities, as well as abolition of write-off of funds from the bank account and VAT deposit in case of administrative violation are aimed at expanding taxpayer rights and supporting business promotion," Musayeva underlined.

 

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