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Tax Ministry: Tax reforms in Azerbaijan aim at supporting entrepreneurs

Finance Materials 20 February 2019 11:53 (UTC +04:00)
Tax Ministry: Tax reforms in Azerbaijan aim at supporting entrepreneurs

Baku, Azerbaijan, Feb. 20

By Matanat Nasibova – Trend:

There were positive changes in the tax system of Azerbaijan in 2018, which were the result of deep economic reforms carried out in the country, Samira Musayeva, Director General of the Tax Policy Department of the Azerbaijani Ministry of Taxes, said at a business breakfast organized by the Azerbaijan-France Chamber of Commerce and Industry (CCIAF), Trend reports.

As noted by Musayeva, the amendments in the Tax Code, which entered into force in 2019, covered several areas, particularly business support, fight against tax evasion and shadow economy, and the improvement of tax administration.

"It is planned to impose financial sanctions in cases of employment without concluded employment contracts, so as to eliminate shadow economy and reduce cases of tax evasion," she said.

Musayeva noted that the amendments to the Tax Code, aimed at combating shadow economy and increasing the transparency of the economy, suggest a significant reduction in the tax burden on the population in the form of income tax and the application of financial sanctions for the turnover of undeclared goods. Musayeva stressed that reducing the simplified tax from 4 to 2 percent will expand the possibilities of micro and small businesses.

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