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Azerbaijani economy minister talks amendments to Tax Code (UPDATE)

Economy Materials 8 November 2019 15:31
Azerbaijan achieved the main goals set last year, this year, along with growth in the oil and gas industry, significant growth is also expected in the non-oil sector

Details added (first version posted at 12:50).

BAKU, Azerbaijan, Nov. 8

Trend:

Azerbaijan achieved the main goals set last year, and this year, along with growth in the oil and gas industry, significant growth is also expected in the non-oil sector, Azerbaijani Economy Minister Mikayil Jabbarov said at a meeting of the country's parliamentary committee on economic policy, industry and entrepreneurship, Trend reports.

Thanks to ongoing comprehensive measures, an increase of 8.9 percent is observed in the non-oil sector and this trend is expected to continue in subsequent years, the minister said.

Jabbarov also touched on the amendments to be introduced into the Tax Code, which cover seven main areas.

"This is ensuring a transparent environment (fight against taxpayers conducting non-trade transactions with the conclusion of false transactions, strengthening control over taxpayers of risk groups, strengthening the fight against cases of tax evasion), improving the administration of VAT, reducing the administrative burden of entrepreneurs and encouraging entrepreneurship, reducing financial (tax) the burden of the population through social preferences, the tax burden of business entities, the expanding the base of taxation, fulfillment of obligations on international taxation and information exchange," the minister said.

According to the Jabbarov, the draft law on amendments to the Tax Code consists of 164 paragraphs, they relate to the abolition of simplified taxation of persons involved in the construction of buildings and ensuring their activities in a single tax regime (using VAT and income tax), the definition of the concept of "Group of multinational companies", four-year extension of the exemption from the poultry and meat sales from VAT.

The minister emphasized that the amendments are aimed at sustainable economic development of the country, increasing transparency, ensuring the development of entrepreneurship, creating conditions to simplify the accounting system for tax payments.

Jabbarov also added that it is planned to minimize contact between government bodies and taxpayers in the country.

"Enhanced electronic information exchange with government authorities will be helpful in reducing cases of abuse. Improving the free business environment in the country is always in the spotlight," Jabbarov said.

The minister expressed hope that the upcoming steps will be useful, and thanks to transparency, the tax base will be expanded.

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