Confederation of Entrepreneurs and Association of Leasing Companies Devise Proposals on Changes to Tax Code
Azerbaijan, Baku / corr Trendcapital U. Ismayilova / The Azerbaijani National Confederation of Entrepreneurs (ANCE) jointly with the Azerbaijani Association of Leasing Companies (AALC) are developing proposals to introduce changes to the Tax Code of Azerbaijan on leasing operations, Alekper Mammadov the head of ANCE said on 3 October.
"The document stipulates the VAT exemption for equipment imported to the country," Mamadov said.
In accordance with the law, leasing companies are to pay VAT while purchasing equipment.
According to Mammadov, ANCE and AALC developed two alternative variants of VAT payment, including the first method of vacation (VAT is paid during the term of cost payment of leasing equipment, but not at once, and also a drop in VAT for leasing operations from 18% to 7%- 10%.
Mammadov said that jointly developed proposals will be discussed at the autumn session of the Parliament during discussions over changes and supplements to the Tax Code of Azerbaijan.
The Azerbaijani National Confederation of entrepreneurs was founded in 1999. The number of members of the organization exceeds 3,500 people. Membership fees range from AZN 100 to AZN 1,000, depending on the juridical status of the entrepreneur.