The law ‘On regulation of tax debts existing as of 1 January 2017’ was adopted at the plenary session of the Milli Majlis (Parliament) on December 30.
The law assumes the full write-off of interest charged for late payment of tax as of 1 January 2017, as well as the gradual write-off of financial sanctions.
According to the law, if a taxpayer repays 30% of the debt on financial sanctions in January 2017, the tax authority withdraws the remaining 70% of the debt. If the taxpayer pays 50% of the sanctions in January-February 2017, the tax authority withdraws the remaining 50%. If the taxpayer pays 70% of the financial penalties in January-March 2017, the tax authority withdraws the remaining 30%.
According to the Ministry of Taxes, as a result of the adoption of this law it is expected to write off a tax debt amounting to about AZN 624 million.
The law will touch 44,704 taxpayers, of which 1,037 represent the public sector, and 43,667 represent the private sector. -06D--
Economics
-
Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
-
The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
-
An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
-
On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
Leave a review