Minister: Azerbaijan to monitor effectiveness of tax incentives

Azerbaijan, Baku, Feb. 11 / Trend N. Ismayilova /

The Azerbaijani Tax Ministry's structural units will work to ensure the collection of taxes in 2011, not just the execution of the budget, Minister Fazil Mammadov told reporters on Friday.

"In the coming year, the state budget expenditures will reach 7 billion manat, which means an increase of more than half, and the main sources of financing, as we know, are the funds received by the Tax Ministry and State Customs Committee," Mammadov said.

Mammadov said the tasks put before the Ministry will be realized in the coming years by holding both legislative and administrative reforms.

"Performing tasks is not envisaged at the expense of increasing the tax burden, but by expanding the tax base and improving the tax system," he said.

Mammadov said today there is no need to reduce tax rates, because the country already made a number of changes in tax law in 2010, providing tax cuts for individuals and legal entities. In addition, the country's banks were granted tax holidays for two years.

From Jan.1, 2010, the profit tax in Azerbaijan was lowered from 22 to 20 percent, and income tax from 35 to 30 percent. But, the income tax for private entrepreneurs has been set at 20 percent. Banks and insurance companies are exempted from paying tax on the profit used to increase capital, and the producers of agricultural products from all except land tax.

"We plan to monitor the impact of these reforms, the results of which will identify their effectiveness and need to amend or extend the benefits," he said.

"I appreciate the entrepreneurs' interests in submitting proposals to improve tax legislation as positive. The Azerbaijani businessmen's offers, including the promotion of non-cash payments, will be compiled, and it is possible that some of them will be adopted," Mammadov said.

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