Azerbaijan considers possibility of applying tax benefits to non-cash transactions

Business Materials 25 January 2011 19:02 (UTC +04:00)

Azerbaijan, Baku, Jan. 25 / Trend N.Ismayilova /

Azerbaijan prepares a number of activities encouraging the development of cashless payment system, Deputy Taxes Minister Natig Amirov said at a press conference on results of 2010 and plans for 2011 on Tuesday.

"Despite the development of non-cash payments in the country, the current level is still not satisfactory. A working group has already been established together with the Central Bank to study international experience in this field and promote the use of POS - terminals in shopping centers," Amirov said.

It is planned to hold a number of different catalytic activities. In the near future the working group will prepare and submit relevant proposals to the President.

"It is expected to reduce tax rates on non-cash transactions and hold incentive lottery," Amirov said.

Previously, it was reported on the possibility of reducing the tax rate from 18 percent to 9 percent.