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Serious changes to be in Azerbaijan's simplified taxation system

Business Materials 14 May 2009 12:19 (UTC +04:00)
Serious changes to be in Azerbaijan's simplified taxation system

Azerbaijan, Baku, May 13 / Trend , I.Khalilova/ 

The Azerbaijani government offers to amend the simplified taxation system in 2010 which covers entrepreneurs with turnover less than 22,500 manat at the moment. 

"Amendments to the Tax Code envisage increasing volume of turnover from which the simplified tax is taken up to 150,000 manat with expanding a coverage period to one year," the government said on May 13. 

These amendments will concern individuals with 150,000-manat turnover. [The draft amendments to the Code are under coordination at the Presidential Administration.] 

Under the tax legislation, the simplified tax payers can comprise companies and individuals who are not registered for VAT purposes, implement entrepreneurship activity without forming an enterprise whose volume of taxation operations was less than 22,500 manat at the previous quarter. 

According to the simplified taxation system, taxpayer can be registered in VAT, if he/she exceeds the set turnover within three months.

Companies - the simplified tax payers are exempt from VAT, income tax, property tax, and individuals doing business without creating an enterprise - from taxes on income, and VAT.

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