Azerbaijani Economy 8 november — 12:32

Mikayil Jabbarov on amendments to Tax Code

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This year Azerbaijan achieved the main goals set last year, along with growth in the oil and gas industry, significant growth is also expected in the non-oil sector. Thanks to ongoing comprehensive measures, an increase of 8.9 per cent is observed in the non-oil sector. A continuation of this trend is expected in subsequent years. Minister of Economy Mikayil Jabbarov said this at a meeting of the parliamentary committee on economic policy, industry and entrepreneurship, Trend Agency reports.

Jabbarov also touched on amendments to the Tax Code, which cover seven main areas: 'This is to ensure a transparent environment (the fight against taxpayers conducting non-trade transactions with the conclusion of false transactions, strengthening control over taxpayers of risk groups, and strengthening the fight against cases of tax evasion), improving the administration of VAT, reducing the administrative burden of entrepreneurs and encouraging entrepreneurship, reducing the financial (tax) burden through social preferences, tax burden of business entities, expanding the tax base, fulfilling obligations on international taxation and information exchange,' said the minister.

According to the minister, the draft law on amendments to the Tax Code consists of 164 points, 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 VAT of the sale of poultry and meat.

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