Aliyev issued a decree to reduce tax risks and increase transparency of the economy

From January 1 this year, came into effect the decree of President Ilham Aliyev “On the implementation of amendments to the Tax Code of 21 December 2012.” The decree was signed on 29 December.

The Cabinet of Ministers is in charge of two months to prepare proposals on the list of state publications, editorial, printing and publishing business, which are exempt from VAT. During the same period the government should identify the list of subjects of natural monopolies, which can not be subject to simplified taxation.

The Tax Code provides for the conclusion of a voluntary agreement between the taxpayer and the tax authorities of tax partnerships, including the minimization of tax risks, i.e. financial loss as a result of the inaccurate determination of tax liabilities. The Cabinet should set up the form and procedure for the conclusion of this agreement.

The President once again ordered the Ministry of Taxes to prepare proposals for the stimulation of non-cash transactions and to limit cash transactions in order to improve transparency in the economy and strengthen the financial discipline.

The State Statistics Committee is prescribed by the 20th of each month to submit the Ministry of Taxes the average salary figures for professions and positions in the cities and regions in the private sector. The Ministry of Finance by the 10th of each month is to provide a report on the financing of the funds provided in the state budget for public investments.

The control over the "movement" of the real estate of entrepreneurs is increased. The State Committee on Property will provide monthly information to the Tax Ministry on the state registration of real estate and persons that have passed the state registration. The Justice Ministry, in turn, will provide such information on buying and selling real estate through notary offices. -08D-