Major Tax Rate Changes Expected in Azerbaijan after 2007

Business Materials 24 November 2006 14:50 (UTC +04:00)

Major decisions are expected to be made in Azerbaijan for the decrease of tax rates after 2007, the Taxes Minister of Azerbaijan, Fazil Mammadov, stated, Trend reports. Over the period of 2005-2006, the Azerbaijani Government took serious steps in this direction, and the rates for social transfers were decreased by 4%. In the next few years, we expect a decrease in rates for value-added tax and revenue tax, the Minister said.

The amendments to the Tax Code in 2007 are expected in three directions: tax policy, modernization of the tax administration and technical changes. It is intended to open additional bank accounts for VAT in 2007 to strengthen the tax administration.