Azerbaijan expanding control capabilities for retails turnover

Economy Materials 26 March 2021 09:11 (UTC +04:00)
Azerbaijan expanding control capabilities for retails turnover

BAKU, Azerbaijan, Mar.26

By Sadraddin Aghjayev - Trend:

The introduction of POS-terminals is one of the factors preventing the occurrence of negative situations, corruption elements, and also creates transparency in trade relations, Vusala Ahmadova, an Azerbaijani expert on economic and legal issues, told Trend on Mar.25.

"Limiting cash payments is one of the anti-inflationary measures, part of which is the introduction of POS-terminals. Payments through the terminals allows avoid tax evasion, and the Ministry of Taxes and the Central Bank of Azerbaijan have the ability to control the turnover of retail outlets," Ahmadova said.

According to the expert, the process of installing POS-terminals in most developed countries has already been completed.

"Almost 80 percent of transactions in the US and the European Union are carried out precisely through such terminals. Besides, the network of the terminals is quite well developed in Turkey. The use of payment cards and the terminals helps to register the whole turnover and transactions, as well as prevent double-entry bookkeeping," she added.

To date, more than 24,000 new-generation cash registers have been installed in trade and public catering facilities of Azerbaijan.

As earlier reported, according to the Minister of Economy Mikayil Jabbarov, the process of installing a new generation of cash registers in the country is planned to be completed by the end of 2022.


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