Azerbaijan’s FIMSA: Volume of transactions using cash still high in private sector
Baku, Azerbaijan, Sept. 13
By Kamala Mammadli – Trend:
Tax revenues for Azerbaijan's state budget on the simplified tax system for cashing out funds in banks amounted to 19.4 million manats in the first half of 2019, while the figure was 29.2 million manats as of 2018, said the Chairman of Azerbaijan’s Financial Market Supervisory Authority (FIMSA) Vugar Gulmammadov, Trend reports.
Gulmammadov made the remarks at a conference titled "Fighting the shadow economy as an important factor in economic development."
According to him, the volume of tax payments when withdrawing funds from accounts increased by 26.7 percent compared to the same period last year.
Gulmammadov also noted that the volume of revenues from the simplified tax deduction for cash withdrawals from bank accounts is almost twice as high than forecasts for 2019.
"This indicates that the volume of cash transactions in the private sector is still very significant," he added.