BAKU, Azerbaijan, November 3. The amount of VAT refund to consumers can be increased in Azerbaijan, Trend reports on November 3 via the country's draft state and consolidated budget for 2023.
According to the document, in order to expand the scope of non-cash payments of individuals, it’s planned to revise the amount of the VAT refunds for purchases in the country.
Previously, Deputy Head of Azerbaijani State Tax Service under the Ministry of Economy Samira Musayeva said that it’s planned to increase the amount of VAT refunds to consumers in 2023, and the respective draft law was sent to the Cabinet of Ministers of Azerbaijan.
During the meeting of the Azerbaijani Parliament's Committee on Economic Policy, Industry and Entrepreneurship Samira Musayeva stated that it's planned to increase the number of VAT refunds to consumers next year.
Currently, the amount of the VAT refund is 15 percent for cashless payments and 10 percent for cash payments.
More than 305.5 million manat ($179.7 million) was totally returned to consumers registered on the Edvgerial.az portal for 732.1 million cash receipts until September 2022, and over 133.6 million manat ($78.5 million) - for 303.8 million cash receipts from January through August 2022.
The draft law "On the state budget of the Republic of Azerbaijan for 2023" was submitted to the parliament on October 24.
The total revenues of the state budget of Azerbaijan next year are projected to equal 30.7 billion manat ($18 billion), which is 5.2 percent more than in 2022 and by 16.4 percent more than in 2021.