Tangible tax breaks needed for transparency in labor market: Azerbaijani minister

By  Trend

The Ministry of Taxes of Azerbaijan considers it necessary to introduce tangible tax breaks to ensure transparency in the labor market and wages, Minister of Taxes Mikayil Jabbarov said during the discussions on the 2019 state and consolidated budgets at a joint meeting of parliamentary committees Nov. 5.

The minister stressed that the main goal set by the head of state for the tax service is to form tax activities and reform tax legislation in order to stimulate private investments, support the economy and develop entrepreneurship.

Jabbarov added that, in order to achieve the objectives, it is important to ensure equal conditions and equal tax burden. As he noted, the proposed tax benefits for 2019 serve these purposes.

Presently, the priorities for the ministry are tax evasion reduction, expanding the taxable base, optimizing tax benefits and improving their economic efficiency, as well as improving tax administration, the minister said.

The revenues of the 2019 state budget of Azerbaijan are projected at 22.917 billion manats, including centralized revenues at 22.18 billion manats and local revenues at 736.766 million manats, while the expenses are expected at 24.78 billion manats, including centralized expenses at 23.939 billion manats and local expenses at 840.812 million manats.

The forecast for the oil price, indicated in the 2019 state budget for calculating oil revenues, is $60 per barrel.

Some 59.8 percent of the forecast state budget revenues or 13.7 billion manats will account for the oil sector, and 40.2 percent or 9.217 billion manats will account for the non-oil sector.