Azerbaijan cuts maximum rate of income tax

A decrease in the maximum rate of income tax from 30% to 25% and the growth of the maximum monthly taxable income from 2000 manats which was established in 2008, to 2500 manats is planned.

This was said on Tuesday by Deputy Minister of Taxes Natig Amirov during his speech at the discussion of the draft law on changes and amendments to the Tax Code, held at the meeting of the parliamentary committee on economic policy.

In addition, there are plans to increase amount of annual income taxable at 14%, from the current 24,000 manats to 30,000 manats. Some proposed incentives on taxed income are also under consideration.

The current tax rate of monthly income:

Proposed version:

Current taxation rates of annual income of non-business activities:

Proposed version:

The draft law is recommended for consideration at the plenary session of Parliament.

/Trend/