Parliament to enact tax cuts
The Azerbaijani parliament is expected to amend and
supplement the country`s tax laws, Deputy Minister of Taxes Natig
Amirov has said.
Amirov told the parliamentary committee on economic policy last Wednesday that the proposed changes, which seek to better protect the rights of taxpayers, foresee relieving the tax burden and equalizing tax payments between businesses and private entrepreneurs. Thus, the maximum income tax rate of 35 percent for individual businessmen may be lowered to 30 percent in the new Tax Code.
In addition, the profit tax is to be reduced from 22 percent to 20 percent in an effort to boost entrepreneurial development in Azerbaijan, increase the domestic market`s attractiveness for investors and improve the financial standing of local businesses.
If passed in the legislature, the Tax Code changes will go into effect in 2010.
Amirov told the parliamentary committee on economic policy last Wednesday that the proposed changes, which seek to better protect the rights of taxpayers, foresee relieving the tax burden and equalizing tax payments between businesses and private entrepreneurs. Thus, the maximum income tax rate of 35 percent for individual businessmen may be lowered to 30 percent in the new Tax Code.
In addition, the profit tax is to be reduced from 22 percent to 20 percent in an effort to boost entrepreneurial development in Azerbaijan, increase the domestic market`s attractiveness for investors and improve the financial standing of local businesses.
If passed in the legislature, the Tax Code changes will go into effect in 2010.
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