Azerbaijan limits cash transactions by big entrepreneurs
Baku, Azerbaijan, Dec. 16
By Azad Hasanli – Trend:
Azerbaijan has limited cash transactions by large entrepreneurs operating in trade and public catering to 30,000 manats per month, starting from 2017, according to the amendments to the Tax Code approved at a plenary session of Parliament.
In accordance with the amendments, the limit affects the entrepreneurs operating in trade and public catering with a monthly turnover exceeding 200,000 manats in 12 months. For other taxpayers, the limit will be 15,000 manats per month.
At the same time, in accordance with the new draft law “On non-cash transactions”, employees of large enterprises must be paid in non-cash form. The exception is the entrepreneurs operating in trade and public catering with a monthly turnover not exceeding 200,000 manats in 12 months.
Violation of the requirements of this law envisages a financial penalty of 10 percent of the transactions carried out, if the violation is committed for the second time, the penalty will be 20 percent of the transactions, if the violation is committed for the third time or more, the penalty will amount to 40 percent of the transactions.
(1.7525 manats = $1 on Dec. 16)