Azerbaijan Expects over 46% in Revenues from Non-oil sector in 2007 Azeri Taxes Minister
The Azerbaijani Taxes Ministry expects over 46% in revenues from the non-oil sector in 2007. Fazil Mammadov, the Minister for Taxes, stated that 40-50% rise is forecasted in tax remittances from all of the spheres, including the construction sector, Trend reports.
The Minister does not expect the changes in the mechanism of taxation of construction sector because it could increase the cost of apartments, since the collection of taxes is implemented from the invested capital. Starting from next year it is planned to attract the construction companies to the simplified taxation system and they will pay 4% of their turnover.
State support to small and medium-scale businesses, privileged financing, the establishment of Agroleasing, issue of funds for municipalities promoted the establishment of stable, small and medium scale businesses in the country, which accumulated capital. The Government ought to act through taxes and ensure indirect remittances to the public budget. Increase in tax collection promotes further distribution of the funds within the framework of other projects among entrepreneurs, the minister said.