The Ministry of Taxes of Azerbaijan is developing a comprehensive approach to the introduction of new standards for value added tax to retail trade.
According to the Chief of the Tax Policy and Strategic Research Department Samira Musayeva, VAT should be differentiated, taking into account the sale of products of daily necessities and other categories of goods - that is a decision should be taken, which will not reduce the budget revenues and, at the same time, will not create barriers for entrepreneurs.
"The Ministry believes that this measure will promote the development of trade, as well as affect the incentives for non-cash payments and ensure the transparency of the turnover in trade and services," she said.
She recalled that on 1 January 2011, following the entry into force of the Tax Code, income tax was reduced from 27% to 20% and VAT - from 20% to 18%. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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