Number of payroll card holders increases in Azerbaijani private sector

Number of payroll card holders increases in Azerbaijani private sector

Baku, Azerbaijan, Aug. 13

Trend:

The work directed at increasing the transparency of labor relations holds a special place among the tax reforms aimed at reducing the scale of the "shadow economy" in Azerbaijan, the Azerbaijani Ministry of Taxes told Trend.

The exemption of part of the salary up to 8,000 manats of individuals of the private non-oil sector from a profit tax already gives important fiscal results since the beginning of this year.

These benefits first had a great impact on an increase in the income of the employees hired in the private non-oil sector, which makes up a significant part of the employment in the country.

Thus, as a result of applying tax benefits, the amount of funds left at the disposal of employees of this category amounted to 150 million manats. This figure is expected to increase up to 300 million manats till the end of the year. These funds were transferred to the state budget as a tax in previous years.

More than 77,000 new labor contracts were registered in the non-oil sector in January-June 2019, which accounts for 75 percent of all concluded labor contracts (more than 101,000) in the country thanks to the application of benefits and as a result of fiscal incentives created for transparency.

The number of labor contracts in the trade sector increased by 20,200 (a total increase of 26.3 percent), services sector - by 14,600 (a total increase of 18.9 percent), in industry - by 14,400 (a total increase of 18.7 percent) and in construction - by 8,900 (a total increase of 11.6 percent) in the non-state sector during the reporting period.

Thus, the conclusion of labor contracts was mainly observed in the economic sphere. Earlier, labor contracts were not concluded in this sphere.

At the same time, the number of payroll card holders hired by non-governmental organizations has increased by 18 percent since the beginning of the year.

As a result of all these processes, the volume of the wage fund of the private non-oil sector increased by 22.8 percent in January-June 2019 compared to the reporting period of 2018 excluding an increase in salaries by 21.4 percent this year.

The amount of the wage fund increased by 2.5 percent compared to the income of the population in such conditions.

In general, the forecast for payments on social insurance and unemployment insurance to the State Social Protection Fund for this year has increased by 365 million manats.

The tax losses in the amount of 300 million manats, as a result of the applied benefits, are planned to be reimbursed by increasing payments on social insurance and unemployment insurance.

Lebanon’s military council declares Beirut a disaster-stricken city
Lebanon’s military council declares Beirut a disaster-stricken city
Trump says Beirut explosion seems to be 'bomb of some kind,' cites generals
Trump says Beirut explosion seems to be 'bomb of some kind,' cites generals
Massive blast rips through Beirut, killing 78 and injuring thousands (VIDEO) (UPDATE)
Massive blast rips through Beirut, killing 78 and injuring thousands (VIDEO) (UPDATE)
Loading Bars
Latest
Lebanon’s military council declares Beirut a disaster-stricken city
Trump says Beirut explosion seems to be 'bomb of some kind,' cites generals
Massive blast rips through Beirut, killing 78 and injuring thousands (VIDEO) (UPDATE)
Those responsible for Beirut 'catastrophe' will 'pay price': PM
Eleven more coronavirus patients die in Moscow in past day — crisis center
Erdogan: Turkey stands with Lebanon amid blast in Beirut
Number of COVID-2019 cases across globe up by nearly 220,000 in past day — WHO
Beirut port blast was equivalent to 4.5-magnitude earthquake — seismologists
EU imports of electric and hybrid cars increase significantly in 2019
189 new COVID-19 cases reported in UAE, 61,352 in total
Indonesia eyes production of 250 million doses a year of coronavirus vaccine
Half-year cargo movement from Portugal via Turkish ports revealed
Turkey's health minister warns of rise in daily new COVID-19 cases
Lebanese Kataeb party leader killed in Beirut blast
EU energy sector sees 3.3 pct rise in industrial producer prices
Africa's COVID-19 cases near 970,000
Kazakh COVID-19 vaccine developers test it on themselves
A weekend of fires guts forests in western Turkish cities of Manisa and Izmir
Rouhani introduces new industry minister to Parl.
Lebanese PM’s family and advisers hurt in blast in Beirut
White House says U.S. tracking explosion in Beirut closely
Highly-skilled Chinese doctors arrive in Baku to help fight COVID-19 (FOTO)
EU, FAO assist Georgian eco-migrant in expanding his broccoli farm
Poland interested in dev’t of co-op with Turkmenistan in transport sector
Volumes of six-month cargo shipment from Greece via Turkish ports announced
Turkey reveals data on half-year cargo shipment from Egypt via its ports
Turkish university opens tender to purchase electricity
Azerbaijani MPs to observe presidential elections in Belarus
Iran to pursue import-substitution policy
Subsidiary of Powerchina company awarded contract to reconstruct Georgian highway
Cargo shipment from Israel via Turkish ports for 1H2020 revealed
Turkey announces figures for 1H2020 cargo shipment from Georgia via its ports
Georgia holds working meeting on study of COVID-19 management and impact
Export of Kazakh-made goods to Australia skyrockets
Equipment for farmers to be registered in Azerbaijan
Swiss train manufacturing company Stadler Rail to set up plant in Georgia
Azerbaijan's State Social Protection Fund to lower expenses
Japan invests in Azerbaijan's agriculture
Iran attracts foreign investments in Qazvin province's industrial towns
Uzbekistan's coal production decreases mildly in 1H2020
SOCAR Construction eyes participation in Belarusian main oil pipeline project
Turkmenistan to receive EBRD loan to address legacy of oil production activities
Minister: Azerbaijan's payment balance affected by COVID-19 pandemic-hit global economy
Georgian Caviar works to reduce share of imported caviar in Georgian market
Azerbaijan confirms 588 new COVID-19 recoveries
Iran reaches self-sufficiency in wheat production
SOCAR discloses August plans for Baku-Novorossiysk
UK's activity at Turkmen State Commodity Exchange in July 2020 disclosed
Turkey reveals volume of Italian cargo transshipment via its ports amid COVID-19 pandemic
Export volume of Georgia's Margebeli Holding down
Uzbekistan slightly increases cement production
Volume of 1H2020 cargo transshipment from Spain via Turkish ports announced
Google Cloud prepares for Black Friday 'peak on top of peak'
Growth in Azerbaijan's budget deficit to be covered
Uzbekistan, Russia sign agreement on cooperation in cybersecurity
Turkey purchases base oils, cotton yarn at Turkmen State Commodity Exchange
Pension Agency reveals amount of funds accumulated in Georgia's pension fund
Mexico's El Universal publishes article about Armenia's recent military provocation against Azerbaijan
Pay with Mastercard in Bravo and drive out your new Lexus. (PHOTO)
TABIB comments on reported lack of tests to detect coronavirus cases in Azerbaijan
Uzbek-Korean JV opens tender to buy high-temperature fiber
Iran to increase petrochemical production
Incomes, expenses of State Oil Fund of Azerbaijan revised
Turkmenistan to complete removing of top foliage in cotton
Kazakhstan's VTB bank increases concessional lending to SMEs
Uzbekistan to set state duty for industrial hemp cultivation
Turkish ministry discloses 1H2020 volume of oil transportation through local ports
Kazakh-Chinese company to buy spare parts for compressors via tender
Azerbaijan's Chamber of Auditors prepares draft amendments to tax, civil codes
Insurance reserves of Azerbaijan’s Ipek Yolu insurance company sharply grow
Turkish Ministry of Education to rent vehicles through tender
Azerbaijan's state budget revenues for 2020 announced
Rekan Group has big plans for real estate, tourism markets of Georgia
Azerbaijani president, first VP view works to be done in new forest type park in Yasamal district (PHOTO)
Turkey increases trade with Azerbaijan since early 2020
Azerbaijan's Qala Hayat raises insurance reserves
Kazakhstan's coal industry displaying positive dynamics despite COVID-19
Azerbaijan purchases equipment to support production of medical masks during COVID-19 (ФОТО)
Poland considers Turkmenistan important partner in energy sector
Iranian government to barter debts of private companies
Fuel oil prices plummet in Kazakhstan amid COVID-19
Hyundai Engineering eyeing modernizing heating network in Uzbekistan's Quvasoy
Ambassador: Georgia needs thoughtful marketing strategy to enter Japanese market
Sale of US dollar by State Oil Fund of Azerbaijan at currency auctions up in July 2020
BP PETROLLERİ A.S. lowers petroleum products’ sales in Turkey
Russia remains major exporter of fertilizers to Turkmenistan
Uzbekistan aims to expand water supply to regions lacking water resources
Uzbekistan's Shurtan Gas Chemical Complex increases polyethylene exports
Uzbekistan may face prices increase for major consumer goods
Iran's agriculture sector requires more financial support
Uzbekistan increases polyethylene production
Uzbekistan increases production of dry wine
Turkmenistan imports dyes from Russia
Volume of ammonium nitrate transshipment via Turkish ports in 1H2020 disclosed
Georgia develops safety protocol for foreign observers in October elections
Turkmenistan to receive medical cargo from UAE
Prices of Azerbaijani oil continue edging up
Uzbekistan increases export of red beans to Afghanistan despite pandemic
Turkmenistan's Rysgal Bank increases its assets
Georgian Kareli Fruits company plans to cultivate its own orchards
All news