Azerbaijani tax legislation can be amended in 2011

Azerbaijan, Baku, July 30 / Trend I. Khalilova /

The Azerbaijani Ministry of Taxes considers it reasonable to amend the tax law. Deputy Minister of Taxes Natiq Amirov said that in accordance with the law, draft amendments to the Tax Code should be submitted to the Azerbaijani Parliament until March 15.

"This process was delayed due to the fact that it is necessary to re-evaluate some changes in tax laws upon the government's instructions, deputy minister said. We are conducting assessment and calculations. We think that there is a need to make changes. But it is unlikely to happen this year.

Proposals to reduce the tax burden, improve tax administration, and differentiate VAT rates are considered within the amendments to the Tax Code.

The agenda also includes reduction of the VAT rate by 1-2 percent. However, the usefulness is not proved by the calculations. So, the question remains open, deputy minister said.

"There are always opportunities to determine new sources of taxation, as the tax base expands with the growing economy of Azerbaijan, Amirov said. Processing industry expands in regions of Azerbaijan.

Recent changes in tax legislation were made in 2010. But next changes will take effect no earlier 2012.

Interest rates were reduced for some types of direct taxes since January 1, 2010. Income tax rate was reduced from 22 percent to 20 percent, the maximal amount of income tax for employees - from 35 percent to 30 percent, and physical entities engaged in entrepreneurship, without establishing a legal entity - from 35 percent to 20 percent.

The simplified tax system was changed. Before 2010 physical and legal entities pay tax on the simplified system, whose quarterly turnover does not exceed 22.500 manat. From this year legal entities with an annual turnover of up to 150,000 manat will be subject to simplified taxation system, physical entities - with an annual turnover up to 90,000 manat. If physical and legal entities exceed the limit, they must register in the Ministry of Taxes as VAT payers within 10 days.

Pre-school facilities working on a fee basis are exempt of VAT from 2010. An innovation in the improvement of tax administration is also providing invoices electronically. As a result, Azerbaijan became the first country in Eastern Europe and CIS, using electronic invoice.

About 46 amendments, covering four areas - improving the rights and protection of the interests of taxpayers (19), improvement of tax administration (16), tax control (7), as well as editorial changes (4) were made in tax legislation in 2010.

On July 29, the official exchange rate is 0.8036 manat to $1.

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