Azerbaijan, Baku, Dec. 18 /Trend's A. Akhundov, M. Aliyev /
A decrease in the maximum rate of income tax from 30% to 25% and the growth of the maximum monthly taxable income from 2000 manats which was established in 2008, to 2500 manats is planned.
This was said on Tuesday by Deputy Minister of Taxes Natig Amirov during his speech at the discussion of the draft law on changes and amendments to the Tax Code, held at the meeting of the parliamentary committee on economic policy.
In addition, there are plans to increase amount of annual income taxable at 14%, from the current 24,000 manats to 30,000 manats. Some proposed incentives on taxed income are also under consideration.
The current tax rate of monthly income:
|
Amount of taxed monthly income |
Amount of tax |
|
up to 2,000 manats |
14 percent |
|
more than 200 manats |
280 manats + 30 percent of the amount , exceeding 2,000 manats |
Proposed version:
|
Amount of taxed monthly income |
Amount of tax |
|
up to 2500 manats |
14 percent |
|
more than 2,500 manats |
350 manats + 25 percent of the amount, exceeding 2,500 manats |
Current taxation rates of annual income of non-business activities:
|
Amount of taxed monthly income |
Amount of tax |
|
Up to 24,000 manats |
14 percent |
|
More than 24,000 manats |
3,360 manats + 30 percent of the amount, exceeding 24,000 manats |
Proposed version:
|
Amount of taxed monthly income |
Amount of tax |
|
Up to 30,000 manats |
14 percent |
|
More than 30000 manats |
4200 manats + 25 percent of the amount, exceeding 30000 manats |
The draft law is recommended for consideration at the plenary session of Parliament.
The official exchange rate on December 18 is 0.7849 AZN / USD