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Law on Amendments to Tax Code
President Ilham Aliyev signed on December 7 a decree providing for the application of the Law of Azerbaijan Republic "On Amendments to the Tax Code," on the 20th of October this year.
The law tightens penalties for violation of the rules of cash transactions, the amount of which for the subjects of simplified taxation increased from 400 to 2,000 manats (in case of re - 4,000 manat and 6,000 manat).
Cash winnings on sports gambling are involved in 10% surge tax.
Exempt from taxes in the amount of the subsistence level (from 1 January 2016 - 136 manats) is personal income up to 2,500 manat (currently up to 250 manat), 12 times the sum of the subsistence minimum annual income of up to 30,000 manat.
Exempt from tax is income obtained from sale of individual premises where the person is at the residence for at least 5 years. Previously, this period was limited to 3 years.
The amount brought to the simplified tax increased from 120 thousand to 200 thousand mantas for proceeds over the past 12 months by objects engaged in trading activities and catering. Individuals, who are subject to the simplified tax, will pay the property tax. At the same time in Baku the simplified tax rate for retail properties increased from 4% to 6% and for catering facilities - 8%.
Royalties on minerals increased about twice.
The mechanism of taxation of entities involved in the construction and sale of residential and non-residential buildings has been revised.
The list of goods exempted from VAT payments has been expanded. Among these there are fixed assets subject of a lease agreement.
The law comes into force on 1 January 2016. --08D
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- 8 December 2015 17:30
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