Head of State Tax Service: Whitewashing in shadow economy has accelerated

Studies show that the whitewashing of transactions concentrated in the shadow economy in Azerbaijan has accelerated, Orkhan Nazarli, head of the State Tax Service under the Ministry of Economy, told a meeting at the Milli Majlis Committee for Economic Policy, Industry and Entrepreneurship on Monday, Report informs.

“Recently, serious changes have been made to the Tax Code, both in terms of volume and substance. At this time, the main goal was the formulation of more liberal, practical, targeted legislation that supports entrepreneurship, especially small and medium-sized businesses. Along with economic growth, steps taken in the context of establishing transparent relations, reducing the scale of the shadow economy, and legalizing business activities and income also played a huge role in the achieved fiscal results,” he said.