Today.Az » Business » Azerbaijan cuts maximum rate of income tax
19 December 2012 [11:27] - Today.Az
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:
|
Amount of taxed monthly income
|
Amount of tax
|
|
up to 2,000 manats
|
14 percent
|
|
more than 200 manats
|
280 manats + 30 percent of the amount , exceeding 2,000 manats
|
Proposed version:
|
Amount of taxed monthly income
|
Amount of tax
|
|
up to 2500 manats
|
14 percent
|
|
more than 2,500 manats
|
350 manats + 25 percent of the amount, exceeding 2,500 manats
|
Current taxation rates of annual income of non-business activities:
|
Amount of taxed monthly income
|
Amount of tax
|
|
Up to 24,000 manats
|
14 percent
|
|
More than 24,000 manats
|
3,360 manats + 30 percent of the amount, exceeding 24,000 manats
|
Proposed version:
|
Amount of taxed monthly income
|
Amount of tax
|
|
Up to 30,000 manats
|
14 percent
|
|
More than 30000 manats
|
4200 manats + 25 percent of the amount, exceeding 30000 manats
|
The draft law is recommended for consideration at the plenary session of Parliament.
/Trend/
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