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    Ministry of Taxes: Increase in non-cash payments will revive financial sector

    ‘High proportion of cash payments makes it difficult to combat the financing of terrorism’

    Baku. 17 May. REPORT.AZ/ Currently, in most developed countries transparency of financial flows is ensured, non-cash payments make 60-80%. Some Scandinavian countries a few years ago announced their intention to completely abandon the cash.

    Report informs, Director General of the Department for Work with Territorial Tax Authorities of the Ministry of Taxes, Elchin Beylerov said.

    "It's no secret that the high proportion of cash payments makes it difficult to fight against the financing of terrorism, widespread corruption and bribery and other negative phenomena. The increase in non-cash payments primarily along with a positive impact on cash flow management will revive the financial sector, cases of tax evasion and of course, directly affect the growth of tax revenues", he said.

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