Azerbaijan likely to reduce VAT rate

“Deposit system of VAT taxation was applied from January 1, 2008. If effective, VAT rate will be cut next year,” he noted.

He added that the initial results of the deposit system are positive and the ministry will monitor its effectiveness in February-March.

“We will prepare proposals on the basis of the monitoring,” he noted.

The current VAT rate is 18% in Azerbaijan.

/APA/