Tax amnesty system to be introduced soon
By Nigar Abbasova
Azerbaijan will introduce a system of tax amnesty, which stands for the voluntary disclosure of income on January 1, 2017, said Nijat Imanov, head of department on tax policy and strategic research in the Taxes Ministry.
The system is introduced in line with the recent decision of President Ilham Aliyev on the approval of reforms to be held in the sphere of taxes in 2016.
“The system allows a taxpayer to disclose the information not previously reported to a tax agency and pay accrued taxes on a voluntary basis and thereby avoid liabilities normally associated with prior non-disclosure,” Imanov said.
He mentioned that financial sanctions at the rate of 50 percent and a fine of 0.1 percent for each day are currently imposed in the case of the revelation of hidden income.
As many as 700,000 taxpayers are currently registered in the country, while some 75,806 of them were registered in January to August, 2016.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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