Ministry of Taxes of Azerbaijan plans to tighten reporting regulations

Currently, there are still problems with the provision of complete and transparent reporting in Azerbaijan, the countrychr("39")s Minister of Taxes Mikayil Jabbarov said June 5 in his speech at the 4th EU-Azerbaijan business forum.

"If we conduct a survey here, then it will become clear that 60-70 percent of business representatives are registered as payers of value added tax (VAT). But according to the statistics of the Ministry of Taxes, VAT payers account for just about three percent of all active taxpayers. As you know, according to the legislation of Azerbaijan, VAT payers are those whose annual turnover exceeds 200,000 manats. Here we face three problems - the concealment of wages, turnover and reporting. Reforms in the legislation will be aimed at solving these problems," Jabbarov said.