Azerbaijan proposes to reduce limit of taxable transactions for VAT registration

Business Materials 20 December 2012 13:24 (UTC +04:00)

Azerbaijan, Baku, Dec. 20 / Trend J. Nasibova /

It is planned to reduce the annual limit on the total amount of taxable transactions in 2013, in which the taxpayer is removed from the register as a VAT payer.

According to the bill on amendments to the Tax Code of the country discussed on Tuesday at a meeting of the parliamentary committee on economic policy of the Azerbaijani Parliament, the registration of the taxpayer for VAT purposes will be cancelled if the total amount of taxable transactions during 12 calendar months does not exceed 60 manat.

According to the current legislation (Article 158), the statement of cancelling the registration for VAT purposes may be filed by the taxpayer at any time after the expiration of one year from the date of registration for VAT purposes if the amount of taxable transactions does not exceed 75,000 manat.

The official exchange rate is 0, 7849 AZN/USD on Dec. 20.