BAKU, Azerbaijan, Aug.21
By Elchin Mehdiyev - Trend:
Azerbaijan is implementing support measures and programs to reduce the impact of the coronavirus (COVID-19) pandemic on economic activity and mitigate its negative impact on business, the State Tax Service under the Ministry of Economy told Trend.
According to the amendments made to Azerbaijan’s Tax Code, a temporary tax regime has been introduced in the country with the aim to improve the financial standing of taxpayers through the above measures.
At the same time, taxpayers working in the pandemic-affected areas were provided with significant benefits and exemptions.
Thus, in 2020, the taxpayers have been completely exempted from property and land taxes and have received tax benefits in the amount of 75 percent of profit or income.
Furthermore, for individuals renting real estate, the rental rate has been decreased from 14 to seven percent. The deadlines for the payment of income and profit taxes by taxpayers and persons who are not micro-entrepreneurs engaged in the affected areas have been extended until September 1, 2020.
The same extended deadline was applied on submitting a simplified tax declaration by micro-entrepreneurship entities for the first and second quarters of the year.
In this regard, the tax service has approved new forms and rules for drawing up a number of declarations and addenda to them.
Since August 19, 2020, a new version of the "Declaration draw-up program" has been launched, created for taxpayers operating in the pandemic-affected areas the opportunity to fill in and submit "electronic tax declaration, with using appropriate benefits and exemptions", "electronic land tax declarations" and "electronic income tax declarations" to the tax authority.
According to the report, currently, work is underway to record benefits and exemptions when filling in declarations for other payments, including value added tax, profit and property taxes in electronic format. In the near future, online form of these declarations will also be available to taxpayers.