Taxpayers registered for Value Added Tax (VAT) purposes in Azerbaijan, as well as persons engaged in trade and public catering activities whose volume of taxable transactions exceeds 200,000 manats ($117,647) in any month during a consecutive 12-month period, must make payments on settlements exceeding 2% of the previous month's turnover (including VAT) during a calendar month only in a non-cash manner, Report informs.
This change was made to the Rules for Conducting On-site Tax Audits by the Board of the Ministry of Economy. The decision was signed by the Minister of Economy of Azerbaijan, Mikayil Jabbarov.
According to the decision, for other taxpayers, settlements with a total amount exceeding 15,000 manats ($8,823) during a calendar month must be carried out only in a non-cash form.
Based on the new changes, payments of service fees and other collections to municipalities will also be monitored to ensure they are conducted non-cash.
It is also noted that if 2% of the previous month's turnover for goods, works, and services provided is less than 30,000 manats ($17,647), then settlements exceeding a total of 30,000 manats in that month must be carried out only in a non-cash manner. If this indicator exceeds 50,000 manats ($29,411), then settlements exceeding 50,000 manats must be carried out only in a non-cash manner.
The Legal Department of the Ministry of Economy has been instructed to submit this decision to the Ministry of Justice for inclusion in the State Register of Legal Acts within 3 days.