Deputy Minister: Cash transactions to be limited in Azerbaijan
Azerbaijan, Baku, June 3 / Trend, N. Ismayilova /
The Azerbaijani Taxes Ministry intends to promote the development of cashless payments in the country in two main directions, Deputy Taxes Minister Sahib Alekberov said on Friday.
"We are going to provide significant VAT benefits to citizens who make cashless payments. Also a limit will be set on cash transactions, that is, cash payment above the fixed level will be prohibited," Alekberov said refusing to indicate the volume limit.
He said the serious financial sanctions will be applied to violators.
"These directions of non-cash payments are widely used in international practice, and we go on this way," Alekberov said.
The Taxes Ministry has submitted a draft of amendments and additions of the Tax Code to the Azerbaijani Parliament for discussion. The above-mentioned proposals are included therein and their consideration is expected soon.
"An appropriate legal framework will be created to regulate the new system, after which measures will be taken to implement non-cash payments," Alekberov underscored.
"Significant work should be carried out in this sphere, as the number of the country's POS-terminals slightly exceeds 8,000, which doesn't satisfy us. Therefore, it is necessary to arouse interest of business representatives, buyers and sellers in non-cash payments. Major changes are expected in this direction soon," Alekberov said.