TODAY.AZ / Business

Minister: tax reforms in Azerbaijan yield positive results

13 June 2019 [13:10] - TODAY.AZ
By Trend

The results of the reforms carried out in Azerbaijan in the tax sphere are effective, Azerbaijani Minister of Taxes Mikayil Jabbarov said at 5th EU-Azerbaijan Business Forum in Baku, Trend reports.

The minister noted that voluntary compliance with tax regulations has increased significantly.

There are no plans to make any significant changes to the legislation until 2020, but some technical changes are expected.

"Informal activities, illegal entrepreneurship and shadow economy are the main problems we face, and we will continue implementing measures aimed at eliminating them," Jabbarov said.

He also noted that the number of labor contracts concluded in the non-oil sector since the beginning of the year reached 66,000. This is due to the introduced benefits for those employed in these areas, according to the minister.

As part of the reforms, a 100 percent benefit is granted for the collection of income tax from the salary of hired employees working in the non-oil sector from January 2019 for a period of seven years. This benefit extends to a salary of up to 8,000 manats.

The 5th EU-Azerbaijan Business Forum is being held in Baku on June 13.

Topics of discussions during the forum include the business environment in Azerbaijan and the further development of such fields as agriculture, transport and logistics, ICT, and tourism.

The forum is attended by officials and government representatives, as well as companies from Azerbaijan and the EU.


Print version

Views: 396

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: