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Over 100M manats illicitly withdrawn from Azerbaijani bank accounts

Business Materials 10 March 2017 17:35 (UTC +04:00)
More than 100 million manats have been illegally withdrawn from bank accounts in Azerbaijan until today
Over 100M manats illicitly withdrawn from Azerbaijani bank accounts

Baku, Azerbaijan, Mar. 10

By Azad Hasanli – Trend:

More than 100 million manats have been illegally withdrawn from bank accounts in Azerbaijan until today, said Minister of Taxes Fazil Mammadov.

He made the remarks at the conference titled “Together towards transparency” in Baku March 10.

“These funds have certainly been returned thanks to activities of the Ministry of Taxes and this had a positive impact on banks' liquidity,” the minister said.

Further, Mammadov responded to claims of entrepreneurs who think that introduction of a 1-percent tax on cash withdrawals from bank accounts, carried out by legal entities and individual entrepreneurs, contradicts the Constitution.

“According to the Constitution, paying taxes is every citizen’s duty. Besides, taxes are determined by laws, not by the Constitution,” he said.

“As for the one percent rate for cash withdrawals, it has been introduced not to increase tax revenues. The tax is used for keeping records of cashable funds. In general, I believe this will not affect the business environment,” the minister added.

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