Azerbaijan proposes to halve the interest charged for late fulfillment of tax obligations, Head of the State Tax Service under the Ministry of Economy Orkhan Nazarli said at today’s meeting of the Milli Majlis Committee on Economic Policy, Industry, and Entrepreneurship, Report informs.
According to him, one of the main directions of the proposed changes is also the stimulation of export-oriented activities.
“It is proposed to introduce additional tax benefits for taxpayers engaged in export activities. The benefits will cover not only the export of goods but also services. These changes are aimed at expanding the opportunities for local entrepreneurs to enter foreign markets and increasing the country’s export potential,” Nazarli emphasized.
He noted that another positive change would be the proposal to cut in half the interest rate charged for each day of delay in fulfilling tax obligations. In addition, there are plans to introduce supplementary incentive mechanisms to encourage taxpayers to pay financial sanctions more quickly.
