Financial penalties for tax offenses will be increased in Azerbaijan

Baku. 16 October. REPORT.AZ/ Proposal put forward to increase financial penalties for violation of tax legislation in respect of persons carrying out activities in sphere of trade and public catering.

Report informs, Minister of Taxes Fazil Mammadov said during the discussion of the draft law "On amendments to the Tax Code," at today's meeting of the Committee on Economic Policy of Milli Majlis.

According to the amendment, the amount of the fine for tax violations admitted for the first time in a calendar year will be increased from 400 to 2000 manats:"For a tax offense for the second time in a calendar year it is proposed to increase the amount of a fine from 800 to 4000 manats for the third time - from 1200 to 6000 manats."

According to another amendment it is proposed to increase rate of simplified tax for entrepreneurs in the field of trade and catering, and introduction of 10% tax on winnings in sports gambling.