Azerbaijan to cancel some tax benefits

Baku. 15 September. REPORT.AZ/ In 2016 tax and customs benefits in various sectors of the economy of Azerbaijan will be revised, limited or partially canceled. Report informs, it is said in a draft of state and consolidated budgets for 2016.

One of the main directions of fiscal policy on income for the next year is to improve the tax system by amending existing legislation and the right choice about the order of payment of taxes to taxpayers in certain sectors of the economy.

In addition, dividend transfer projected to the state budget with the state's share in the authorized capital or stake in the companyas well as the increase in tax rates.

In addition, work is continuing in direction of the transition to the few-stage system of customs duties planned measures to improve the ratio of income to the state budget at the expense of the lease of public lands, as well as revenues from privatization of state property.

Also, due to the lower revenues and expenditures of the state and consolidated budgets, policy of budgetary constraints will continue, management of current and capital expenditure will improve.

In addition, work will continue in direction of gradual limitation of government funding of many sectors of the economy in order to attract private investments.