Azerbaijan assesses tax rates

Tax rates and benefits in Azerbaijan are optimal, Tax Ministry Policy and Strategic Research Department head Akif Musayev told media. "The ministry regularly examines this situation," he said. "The benefits and preferences given to the economy hit about 25-30 percent of the total amount of taxes collected last year."

He said the possibility of a tax rate change has not been ruled out. The ministry prepared a package of proposals to change and amend the tax code in 2011. It also stimulates non-oil sector development in the country.

The Tax Ministry ensured transferring 5.475 billion manat to the state budget in 2011 compared to the forecasted 5.160 billion manat. The forecast was fulfilled at 106.1 percent.

About 2.874 billion manat in the non-oil sector was transferred to the state budget in 2011. This exceeds the figure by 518.4 million manat or 22 percent in 2010.


/Trend/