Azerbaijani Economy Minister Mikail Jabbarov talks amendments to Tax Code

Fri 08 Nov 2019 09:06 GMT | 13:06 Local Time

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Azerbaijan achieved the main goals set last year, this year, along with growth in the oil and gas industry, significant growth is also expected in the non-oil sector, Azerbaijani Economy Minister Mikayil Jabbarov said at a meeting of the country's parliamentary committee on economic policy, industry and entrepreneurship, Trend reports.

Thanks to ongoing comprehensive measures, an increase of 8.9 percent is observed in the non-oil sector and this trend is expected to continue in subsequent years, the minister said.

Jabbarov also touched on the amendments to be introduced into the Tax Code, which cover seven main areas.

"This is ensuring a transparent environment (the fight against taxpayers conducting non-trade transactions with the conclusion of false transactions, strengthening control over taxpayers of risk groups, strengthening the fight against cases of tax evasion), improving the administration of VAT, reducing the administrative burden of entrepreneurs and encouraging entrepreneurship, reducing financial (tax) the burden of the population through social preferences, the tax burden of business entities, the expanding the base of taxation, fulfillment of obligations on international taxation and information exchange," the minister said.

According to the minister, the draft law on amendments to the Tax Code consists of 164 paragraphs, they relate to the abolition of simplified taxation of persons involved in the construction of buildings and ensuring their activities in a single tax regime (using VAT and income tax), the definition of the concept of "Group of multinational companies", four-year extension of the exemption from the poultry and meat sales from VAT.




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