Development of amendments to Tax Code completed in Azerbaijan

Business Materials 18 May 2012 17:21 (UTC +04:00)

Azerbaijan, Baku, May 18 / Trend A. Akhundov /

The Azerbaijani Finance Ministry plans to finalize the draft amendments to the tax legislation by late June, Deputy Minister Azer Bayramov told media today.

"Many questions have already been agreed," he said. "Others are under consideration."

Azerbaijan may change the maximum tax income rate, the head of the department of individual registration of the Ministry of Taxes, Natig Shirinov said earlier.

Moreover, the proposals include the measures to promote non-cash calculations in the country.

"One of the proposals is to pass to conduct real estate purchase and sale operations only in non-cash form, regardless of the amount of the transaction," he said.

It is planned to restrict the purchase-sale operations within a single transaction or for a certain period.

The amount of limits is being specified.

Amendments to the tax code will come into effect from January 1, 2013.

The official exchange rate is 0.7858 AZN to $1 on May 18.