Azerbaijan, Baku, Dec. 7 / Trend A. Akhundov /
Expanding non-cash payments is one of the main goals of Azerbaijan's financial and economic policy, Director of the General Directorate for Tax Policy and Strategic Studies under the Ministry of Taxes Akif Musayev was quoted saying today by the Ministry's newspaper "Taxes."
"The money supply share in circulation in the country's GDP in 2011 was 27.8 percent and this share has risen to 38 percent for the first nine months of 2012," he said. The figure hits an average of 60 percent in developed countries. The cash in total money supply was at 10.7 percent in developed countries last year. The rate in Azerbaijan amounted to 51 percent. This confirms that the expansion of non-cash payments is one of the objectives of the country's financial and economic policy."
He said that the country's development of non-cash payments, including the use of POS-terminals, ensure about 10 regulations.
"The use of electronic payments has problems," he said. "It is necessary to use stimulating and restrictive measures used in developed countries, and to take steps to inform and educate the public to resolve these issues."
He added that one of the administrative measures successfully used in global practice, is to determine the limits for the upper limit of cash payments and impose a fine for exceeding this level.
"Certain benefits are given in many countries through the tax system and, therefore, stimulating measures are taken to increase non-cash turnover," he said. "Changes to the tax code that are now being discussed in the government expand non-cash payment."