Azerbaijan will not cancel 1% bank commission deducted from Azerbaijani entrepreneurs for cash withdrawal

Baku. 8 November. REPORT.AZ/ Ministry of Taxes commented on the proposal to cancel 1% simplified tax deducted from Azerbaijani entrepreneurs for cash withdrawal of above established limit in the banks.

Report informs, said Omar Jafarov, Deputy Director General of Ministry of Taxes Department for Coordination and Management.

He said the deduction of this this tax aims to keep a record of funds that are in circulation all the time, increase the transparency of payments, eventual transfer of cash payments with cashless payments and develop of banking system of the country.

“As a result of administrative measures carried out by tax authorities, 571 taxpayers resumed 117,3 million AZN back to bank, tax in amount of 17,9 million AZN has been calculated for 467 taxpayers, measures about 795 taxpayers are underway,” he said.