Economy Ministry’s powers expanded


August 3, Fineko/ President Ilham Aliyev has amended the July 12, 2016 Decree on approval of the Regulation on VAT refund, paid for goods purchased by foreigners and stateless persons in the country, that are not intended for production or commercial purposes.

ABC.AZ reports that according to the amendment, now the Ministry of Economy must ensure the security of data collected in a single electronic database related to VAT refunds and the continuity of information exchange.

In addition, the head of state amended the document on the implementation of the law on amendments to the Tax Code dated December 16, 2016 and the presidential decree dated December 23, 2016 on amendments to the Law on Approval, Entry into Force of the Tax Code & Related Issues of Legal Regulation and the decree dated August 30, 2000 "On the application of the Tax Code approved by this law.

Under the amendment, the Ministry should ensure that all necessary measures are taken to strictly control the accounting of income and expenses received by taxpayers, as well as the conduct of non-cash transactions, taxation of e-commerce and transactions carried out with abuse of legal requirements in order to obtain a tax advantage during on-site tax audits.