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Azerbaijan studying foreign experience in introducing tax amnesty

Azerbaijan studying foreign experience in introducing tax amnesty
Azerbaijan's Ministry of Taxes is studying foreign experience in introducing tax amnesty, Minister of Taxes Mikayil Jabbarov said at the Taxes, Transparency & Development forum in Baku, Trend reports. Jabbarov noted that the ministry is studying not only the successful, but also the unsuccessful experience of other countries. The proposal to introduce a tax amnesty at the forum was made by the President of the American Chamber of Commerce in Azerbaijan (AMCHAM) Nuran Karimov. Karimov stated that this would make a significant contribution, in particular, to the issue of registering enterprises and disclosing assets. At the same time, he proposes to switch to international accounting standards, revise the rules for keeping records and digitalization of the process. In 2017, a tax amnesty was introduced in Azerbaijan, which provided for the cancellation of interest accrued for nonpayment of debt, and the cancellation of part of the financial sanctions. The amnesty has affected the debts of over 40,000 entrepreneurs worth over 600 million manats.

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