New amendments to the Tax Code of Azerbaijan will cover the promotion of non-cash payments and restriction of cash payments, Deputy Minister of Taxes Natig Amirov told journalists on June 12.
"This package is being discussed with the corresponding state structures. The developed proposals cover wide layers of the population, they can be called a package of measures that stimulate non-cash payments. We believe that they will be brought for discussion at the end of the year and, if accepted, their implementation will begin next year," Amirov said.
The measures for promotion of cashless payments in the country were previously planned to be included into the package of proposals on changes and additions to the tax legislation, which came into force in 2013. But, due to the need of completion, it was decided to postpone the discussion of the proposals for this year.
Taking into the consideration that the increase in the volume of non-cash payments is one of the main sources of a significant expansion of taxable base, Azerbaijan is intending to reach the level of leading European countries in this direction in the near future.
A partial exemption from taxation of the turnover of business entities that is conducted in non-cash form is possible within the framework of proposals. Implementation of restrictions on buying and selling operations within one deal, or for a specified period of time is also expected.