Deputy Minister: Tax benefits in Azerbaijan demonstrate their effectiveness

Photo: Deputy Minister: Tax benefits in Azerbaijan demonstrate their effectiveness / Economy news

Baku, Azerbaijan, Feb.7
By Abbas Akhundov - Trend:

The tax policy in Azerbaijan is aimed at the use of targeted and effective benefits and privileges, Deputy Minister of Economy and Industry Sevinj Hasanova said on Feb.7 at the third Tax Forum in Baku entitled 'Azerbaijani tax system: Realities and Prospects'.

The international financial institutions recommend Azerbaijan either reduces or absolutely eliminates the practice of using tax benefits. At the same time, many experts point out the benefit from privileges, but only if they are used wisely and thoughtfully, according to Hasanova.

Such benefits help Azerbaijan to form a favourable investment environment, according to the deputy minister.

"Tax benefits have demonstrated their effectiveness. It is of particular concern in the benefits for such spheres as agriculture, exemption of dividends on the bank deposits of individuals and securities, banks income and insurance and re-insurance companies from taxation," Hasanova said.

The use of benefits and privileges has been included in the priorities of the country's tax policy reflected in the development concept of Azerbaijan until 2020, according to the deputy minister.

In order to achieve the goals envisaged in the concept, the budget revenues through the Ministry of Taxes should increase by 10-15 percent per year, Hasanova said. These revenues have increased by 25 percent per year in recent years and there was a 13.8 percent increase in 2013.

Translated by L.Z.

Edited by S.M.

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