Azerbaijan-Budget Bill for 2017 submitted to parliament
Azerbaijan’s Budget Bill for 2017 had been submitted to the parliament on 15 November 2015. The Bill specifies various measures on tax, customs and social security to be taken in 2017. According to the plans stipulated on the Budget Bill, the
See MoreAzerbaijan: Parliament Approves Tax Code Amendments to Introduce Excise Tax
Azerbaijan has introduced excise tax on precious metals, and set new tax rates for imported cars, imported yachts, and domestically produced alcohol and tobacco. Excise on imported diamonds will be set at AZN200 (USD255) per carat, at AZN2 per gram
See MoreAzerbaijan: The Ministry of Taxes and the IFC are Working to Protect Withdrawal of Profits from Taxation
The Ministry of Taxes of Azerbaijan and the International Finance Corporation (IFC) are working on a draft agreement on transfer pricing. The aim is to protect withdrawal of profits from Taxation. Azerbaijan will be able to go to the international
See MoreAzerbaijan: Tax Code Amendments Comes into Force From 1 January 2015
President of Azerbaijan has approved and published the amendments to the Tax Code, which have already come into force. Individuals whose monthly income is less than AZN 250 are exempt from personal income tax. So the individuals whose annual income
See MoreAzerbaijan: Tax Withholding On Income from Bank Deposits Needs To Take Into Account the Relevant Rebate
Senior officials of Ministry of Taxes and banks in Azerbaijan held a meeting on January 9. It was decided in the meeting that the tax withholding on incomes from bank deposits will be applied on the interests charged by 1 January 2015 taking into
See MoreAzerbaijan: approves tax code amendments to introduce excise tax and to set new tax rates
The Parliament of Azerbaijan has approved amendments of tax code introducing excise tax on precious metals, and setting new tax rates for imported cars, imported yachts, and domestically produced alcohol and tobacco. As per legislation, excise on
See MoreDTA between Azerbaijan and Saudi Arabia approved by Azerbaijan
Azerbaijan and Saudi Arabia have signed a protocol for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and property. Azerbaijan ratified the treaty on 30 September
See MoreAzerbaijan: Transition to the Modern Model of the Concept of Tax Partnership Tax Control System with Horizontal Monitoring
The costly traditional tax control system is based on the principles of taxation established 55-60 years ago. The traditional tax control system is costly since closely exerting control in pursuit of reassurance of compliance imposes a great
See MoreAzerbaijan – Singapore: Approves DTA
Azerbaijan’s lower house of parliament approved a Protocol to the double taxation agreement (DTA) with Singapore on May 14, 2014. No further details of the Protocol are currently
See MoreAzerbaijan -Saudi Arabia: Protocol to DTA
Azerbaijan and Saudi Arabia signed a double taxation agreement (DTA) on May 13, 2014. No further details of the agreement are currently
See MoreAzerbaijan- Recounts tax reform progress in IMF meeting
On March 11, 2014, there was a meeting between an International Monetary Fund (IMF) delegation and Azerbaijan's deputy minister of taxes. In recent years Azerbaijan’s tax revenues have been increased due to the establishment of a durable,
See MoreAzerbaijan- Progress towards WTO accession
At the 11th meeting of the Working Party on February 21, 2014 Azerbaijan's World Trade Organization (WTO) accession bid gained positive momentum. Azerbaijan has been diversifying its economy away from reliance on the energy sector alone and has been
See MoreIsrael and Azerbaijan to sign a Double Tax Avoidance Agreement
Azerbaijan and Israel are going to sign a Double Tax Agreement for the avoidance of double taxation. Azerbaijan's State Customs Committee has reported that trade turnover between Azerbaijan and Israel in 2013 reached $1.28 billion. Azerbaijan
See MoreAzerbaijan: 2013 Tax Revenues
Azerbaijan’s Ministry of Taxes has reported 2013 tax receipts to be AZN6.66bn, an increase from the AZN6.025bn collected in 2012. The greatest contribution came from profit tax (AZN2.37bn), followed by value-added tax (AZN1.72bn), while individual
See MoreAzerbaijan has declared the tax Policy Priorities
Azerbaijan has declared its tax policy priorities for the next 3 years which are presently being considered by the Azerbaijani parliament. The country intends to improve the tax system by introducing 7 new types of taxes, along with a real estate
See MoreAzerbaijan: Tax authority joins the Executive Board of IOTA
The Ministry of Taxes of Azerbaijan has become a member of the Executive Board of the “Intra-European Organization of Tax Administrations” (IOTA). This was announced at the 17th General Assembly of IOTA. The Ministry of Taxes of Azerbaijan is
See MoreAzerbaijan: Exemption of interest from individual income tax on savings deposits
The Parliament of Azerbaijan approved Law No. 542-IVD on 28 December 2012. According to this law interest paid on saving deposits of individuals in banks and other credit institutions is exempt from individual income tax for the period of one year.
See MoreAmendments to Azerbaijani Tax Code
The Azerbaijani parliament adopted a draft law on amendments to the Tax Code on 21 December 2012, these came into effect from 1 January 2013. These changes are aimed at improving the tax system, reducing the tax burden and improving the tax culture.
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