Azerbaijan Plans Stimulating Policy With Tax Transparency Ensured

Mikayil Jabbarov, Minister of Taxes in Azerbaijan, announced at the conference on "Taxes - Transparency: Development" that the country intends to pursue a stimulating tax policy, transparency will be ensured in the tax system of Azerbaijan and extensive work is ongoing in this direction.

Economic Image and Tax policy

Jabbarov pointed out the urgency to convert shadow economy into legal economy and that such dynamic policy environment in Azerbaijan required corresponding development in tax code, including that from a tax administrative perspective and from an economic perspective. “This action will contribute to the acceleration of the economic growth,” he said. “The reforms being implemented in the field of taxes will serve to the creation of a transparent tax system and an attractive tax sphere… Economically active population grows every year in Azerbaijan, new jobs are opened, but the number of taxpayers doesn’t grow,” he said. “This is a serious problem and we need to solve it. It is necessary to improve labour relations, especially in the construction sphere. Presently, the funds collected from the payment of taxes account for only 8-9 percent of GDP. This is a very low indicator. That’s why we must improve transparency in this area.”

Tax on Non-cash payment

The minister also refers to contribution by non-cash payments, as well as the interest of businesses and citizens in non-cash settlements, but only profits derived from transparent activities are safe. In this scene, the tax authorities are trying to figure out how to apply blockchain technology for tax purpose.

Sources: AzerNews, Cryptovest

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