Baku, Azerbaijan, Oct. 2
By Ilkin Shafiyev - Trend:
Azerbaijan plans to amend the tax legislation providing for the introduction of benefits for bona fide taxpayers, the Deputy Director General of the Tax Policy and Strategic Research Department of the Ministry of Taxes of Azerbaijan Nijat Imanov said October 2 at the forum entitled as "Application of New Accounting Standards in Azerbaijan: Problems and Prospects".
"There is a difference between the taxpayers conducting transparent accounting and, the taxpayer, on the contrary, not doing so. The identification of this difference and the introduction of benefits for bona fide taxpayers will have a beneficial effect on the level of trust between the tax authorities and entrepreneurs," Imanov said.
Speaking about changes in the tax legislation, Imanov also said the projects have been prepared in this regard in order to further stimulate non-cash payments in the country.
Earlier it was reported that the new amendments to the tax legislation can be adopted in Azerbaijan before the end of the year.
The changes are aimed among other things at reducing the tax burden, simplifying tax administration, and suppressing tax evasions.
One of the proposals is the introduction of a single rate of tax on incomes of individuals. The authors of the bill have focused on reducing the tax burden in this area. At present, the income tax in Azerbaijan amounts to 14 percent, and another 26 percent (22 percent for the employer and 3 percent for the employee) fall to the share of social contributions to the State Social Protection Fund.
The package of proposals is currently under consideration by the government.