“Revenues from operations with cryptocurrencies subject to taxation in Azerbaijan”

“Revenues from operations with cryptocurrencies subject to taxation in Azerbaijan”

Baku, Azerbaijan, May 5

By Ilkin Shafiyev – Trend:

Revenues from operations with cryptocurrencies are subject to taxation in Azerbaijan, Deputy Director General of the Tax Policy and Strategic Research Department of the Taxes Ministry Nijat Imanov said May 5 during the second Finance and Investment Forum (FIF 2018) in Baku.

“This is formalized as a profit tax for legal entities and income tax for individuals,” Imanov said. “If someone bought a cryptocurrency and then sold it after its price increased, this amount is recorded as income and therefore should be attracted to taxation.”

A popular option for earning money on Azerbaijan’s crypto-currency market is the purchase and sale of cryptocurrencies, according to experts. Rapid growth on the market was observed from May to December 2017.

Elnur Guliyev, director and founder of Crypto Consulting company, said that during this period, one could benefit by investing even $10 in any cryptocurrency.

"But this situation does not reoccur very often,” he said. “The cheapest option is to buy Bitcoin and wait for the increase in its cost for resale. This option is still working, but it is hard to say how long it will last.”

Follow the author on Twitter: @IlkinShafiyev

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