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Proposals for Azerbaijan’s President from Caspian European Club
The Caspian European Club website published an interview with the head of the legal department of the organization Mustafa Abbasbeyli, where he spoke about the initiatives put forward before the President of Azerbaijan.
According to him, the President will consider a package of proposals to improve the investment and business climate in the country, most of which concerns tax. So, it is recommended to branch the rates of VAT (in Azerbaijan there are only two categories - either 18% or 0% for certain types of enterprise) - from zero to 21%, based on international practice.
The practices of tax graduation are also outdated - for simplified tax and other taxes with collection of 20% tax on corporate income. For companies with an annual turnover of up to 50,000 manat a zero rate is proposed. Then, as well as after one year of activity the entities will move to a simplified tax rate of 4%.
There is also a need to simplify and reduce taxes on individuals, the total ceiling of which, together with deductions of a quarter of the salary for compulsory social insurance ranges from 39% to 50% of revenues. Current practice leads to an underestimation by the entrepreneurs of the number of their staff and the salary levels, so the taxes have to be at the same level as the tax on profit (20%), following the example of neighboring Georgia, where the reporting is all right.
With regard to improving the investment climate, the proposals relate, in particular, zero tax on reinvestment. It should be made easier for foreign entrepreneurs to get visas, and taking into account the prospects of tourism, to obtain just entry visas.--17D
Economics
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