Baku: As a continuation of tax reforms, a draft amendment to the Tax Code has been submitted to the Milli Majlis to further support diversification of economic growth and transparency, said Economy Minister Mikayil Jabbarov during the discussion of the “2026 State Budget Envelope of the Republic of Azerbaijan” at the meeting of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship, APA reports.

According to Azeri-Press News Agency, the proposed amendments aim to provide tax breaks to the public catering sector as a means to stimulate cashless transactions throughout the country. The initiative is part of a broader effort to modernize the economy and increase transparency in financial transactions.

Economy Minister Mikayil Jabbarov highlighted that in addition to the tax breaks, there are plans to raise the simplified tax limits from 200 thousand manat to 400 thousand manat. This change is expected to ease the financial burden on smaller businesses and encourage a move towards more digital and traceable transactions.

These proposals are seen as critical steps in Azerbaijan’s economic strategy to not only boost growth but also enhance the efficiency and transparency of the financial system. The government’s focus on cashless transactions aligns with global trends towards digital economies, offering businesses and consumers more secure and efficient ways of conducting transactions.