Azerbaijan, Baku / Trend corr. I.Khalilova / Natig Amirov , the Deputy Tax Minister of Azerbaijan, has stated that the preparations for the changes in the Tax Code, which is to be approved in the budget package of 2008, will be completed by the end of June.
The main changes will be aimed in the modernization of the administration of the VAT system.
"We developed a new project on VAT, which envisages a new retirement system of taxes," Amirov stated.
The new programme of the VAT envisages payment through check of security. If this type of payment is approved, the decrease of the VAT's tariffs will be considered.
"Everything will depend upon the effectiveness of the check system and an assessment of the system by the Government," the Deputy Minister stressed. Presently, the tariff of the VAT makes up to 18% in Azerbaijan.
The decrease of tariffs on other types of taxes will not be considered. There is a possibility to reconsider the maximum sum, imposed by the highest tariff of the income tax (35%).
The latest changes in tariffs were made in 2006. Tariffs for income tax decreased from 24% down to 22%. The sum of income tax, imposed by maximum tariffs of 35%, was increased from AZN 600 to AZN 1,000.