At plenary meeting Milli Majlis adopted bill draft related to addendums and amendments to Tax Code.
Chairman of the Committee of Economic Policy of the Parliament Ziyad Samadzadeh claimed at meeting that these amendments in general aimed at improvement of tax system, reducing tax burden, increasing tax culture.
Amendments to tax legislation provide decrease of maximum level of income taxes from 30 up to 25 percent and increase of maximum level of monthly income taxation which is in effect since 2008 from 2000 AZN up to 2500 AZN. 14 percent annual income tax standard will be increased from 24 thousand AZN up to 30 thousand AZN. Certain changes are expected in income tax benefits as well.
According to Samedzade, as a result of these changes the annual output of tax remissions for natural persons is more than 50 million manat. The bill provides an exemption from taxes on income, land and property of information technologies, as well as technology parks, construction of which is planned in the industrial sectors of Azerbaijan.
“Paid services of educational institutions are planned to be released from VAT (tax standard in Azerbaijan is 18 percent). This suggestion will have a positive effect on development of education in the country and increase in wages of employees of education system” – claimed Samadzadeh.
The Code came into effect on January 01, 2013.