Industry

Azerbaijan proposes to increase amount of VAT refund on non-cash transactions

BAKU, Azerbaijan, Azerbaijani MP Vugar Bayramov proposed to increase the amount of VAT refund on non-cash transactions from 15 to 20 percent at the meeting of Parliament’s Committee on Economic Policy, Industry and Entrepreneurship, Trend reports on November 23.

 

According to Bayramov, in order to stimulate non-cash transactions, it’s planned to reduce the amount of VAT refund from 10 to five percent for cash transactions and increase it from 15 to 17.5 percent for non-cash transactions.

 

The MP also noted that increasing the amount of VAT refunds on non-cash transactions to 20 percent would further stimulate non-cash payments.

 

Source: TREND News Agency