Azerbaijan, Baku, 28 May / Trend corr. I.Khalilova / The Azerbaijani Finance Ministry considers efficient the results of introduction of one treasury account to accumulate remittances from the VAT tax since 2008, as 220% increase has been observed in the oil sector for four months compared to the same period in 2007, Azar Bayramov, Deputy Minister of Finance, stated.
However, the government evaluates the situation regarding use of deposit VAT-accounts and number of taxpayers as for 2008 and therefore has not reduced the VAT rates. The number of taxpayers made up 10,000 in early 2008.
"We will propose it within the framework of changes to the Tax Code in May 2009, but the system will be implemented by 2010," Bayramov said. The VAT rate is expected to be decreased by 1% and up till 17%.
According to the investigation held by the Tax Ministry, the optimal VAT rate in the current tax scenario in the Azerbaijani economy totals 14-15%.
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