Board Meeting of Ministry of Taxes Discussed Amendments to Tax Code

Today a meeting of the Board of the Ministry of Taxes discussed legislative amendments to the Tax Code of Azerbaijan, effective from January 1 next year.

As the Minister of Taxes Fazil Mammadov said, they are aimed at expanding the rights of taxpayers, reducing the tax burden, improving tax administration and, above all, to strengthen the fight against tax evasion. In addition, changes will ensure the execution of the state budget forecasts, and became a stimulus for the development of entrepreneurship, especially small and medium segment.

In social innovations the changes relating to income tax, providing for extension of tax benefits will be extended to 500 thousand people working in the private and public sectors. The expansion of business activities will be positively affected by the amendments, including an increase from 120,000 manat to 200,000 manat of the size of annual turnover of legal and physical persons, in which they have to get registered as VAT payers. In addition, the changes will reduce the tax burden of those dealing with housing.

According to the report, an additional source of tax levying will be tax of 10% on gains in sports gambling, restriction of the right of tax debtors to leave the country, optimization of tax rates on mineral resources, and ban on the sale of alcoholic beverages for cash, which will strengthen fiscal discipline.

According to Mammadov, in connection with the amendments there will be changes in the regulatory framework, the legal framework relating to the installation of cash registers. In addition, the tax authorities will have to prepare and approve the form of tax returns, including winning at sports gambling.

Recall, at the parliamentary discussion of the innovations in the Code the figure of completions in the treasury at their expense was announced - it is about 316 million manats. --17D-