Azerbaijan ready to encourage non-cash payments through tax decrease (UPDATE)

Economy Materials 10 August 2016 16:30 (UTC +04:00)

Details added (first version posted on 12:25)

Baku, Azerbaijan, Aug. 10
By Anvar Mammadov – Trend:

It is planned to decrease tax rates in order to encourage non-cash payments in Azerbaijan, the country’s Deputy Taxes Minister Ilkin Valiyev said.

He made the remarks at a press conference dedicated to execution of the Azerbaijani president’s order, dated Aug. 4, 2016, “On improvement of tax administration and approval of directions of reforms in taxation in 2016.”

“Encouraging non-cash payments and limiting cash payments will lead to a rise in the number of POS-terminals and to the transparency in the payment of taxes,” said Valiyev. “We have already had a few suggestions in connection with the expansion of non-cash payments.”

“One of these offers envisages that any payment that exceeds 1,000 manats a day must be carried out in non-cash method,” he noted. “Moreover, we have offered to reduce the rate of VAT or any other tax in order to encourage non-cash payments.”

The deputy minister added that these offers are at the stage of discussion.