Azerbaijan develops legislative draft on non-cash transactions

Azerbaijan develops legislative draft on non-cash transactions Restrictions for cash payment revealed
Finance
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December 14, 2016 18:43
Azerbaijan develops legislative draft on non-cash transactions

Baku. 14 December. REPORT.AZ/ Monthly transactions above 30,000 AZN by VAT payers and businesses engaged in trade and services with monthly turnover above 200,000 AZN and above 15,000 AZN by other tax payers will be conducted as non-cash operations.

Report informs, this clause was marked during discussions of law on ‘non-cash transactions’ in joint meeting of parliamentary committees on Economic Policy, Industry and Entrepreneurship and Legal Policy and State Building. The law will enter into force for VAT and tax payers with monthly turnover above 200 thousand AZN on January 1, 2017, for other tax payers on April 1, 2017.

The main objective of the draft is to ensure transparency of operations and transactions among participants of private sector, protection of rights of participants, replacement of cash by non-cash flow, development of banking sector.  

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