New tax benefits may be introduced in Azerbaijan
Baku, Azerbaijan, Oct. 17
By Azad Hasanli – Trend:
The Azerbaijani government plans to introduce tax incentives for retail and catering facilities, a source in the government told Trend.
According to the source, the incentives don’t provide reduction in tax rates, but will affect the size of the taxable base, that is, the turnover of companies involved in taxation.
“Tax benefits are planned to be introduced for retail and catering facilities, which provide for the stimulation of non-cash settlements, or, more precisely, the operations carried out through POS terminals and bank cards,” noted the source. “Tax rates will remain unchanged, but there will be introduced benefits for companies’ non-cash turnover.”
Various legislative acts have been adopted in Azerbaijan in recent years to stimulate non-cash settlements.
Cash calculations of big entrepreneurs operating in the areas of trade and public catering are limited to 30,000 manats per month. Such restrictions affect entrepreneurs with a monthly turnover of 200,000 manats. The restriction for other taxpayers is 15,000 manats per month.