POS terminals to eliminate shadow economy in Azerbaijan

Business Materials 4 December 2009 12:36 (UTC +04:00)

Azerbaijan, Baku, Dec.04 / Trend , N.Ismayilova /

The widespread use of POS terminals will eliminate the shadow economy in Azerbaijan,, Business Development Department Director at the Azericard Processing Center Jahangir Mammadov said today. The International Bank of Azerbaijan is the company's founder.

Mammadov said today many enterprises and trade establishments engaged in activities at the regional level are not interested in making a transition to cashless payments. The major reason is they do not wish to declare the income they receive. Operations carried out on POS terminals are automatically entered into the bank, which excludes the possibility of tax evasion.

"All transactions conducted via the AzeriCard infrastructure are transparent," Mammadov said.

The share of the shadow economy and informal economic activities in the GDP is 10.2 percent, Finance Minister Samir Sharifov said recently.

AzeriCard was founded in 1997 and serves 30 banks in Azerbaijan, Russia and Uzbekistan, 25 of which are members of international payment systems.

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