(MENAFN - Trend News Agency) Baku, Azerbaijan, June 1
Tax breaks applied to entrepreneurs from the beginning of the year, aimed at stimulating cashless payments in Azerbaijan, will be extended for a further 3 years,Trendreports referring to the Azerbaijani Ministry of Taxes.
These benefits apply to retail and catering businessmen and are set in proportion to the amount of cashless payment.
What the said benefits entail is that, when calculating the profit tax, the share of profit received through non-cash payments is taken into account through POS-terminals, in the total profit of the enterprise or of an individual entrepreneur, and a 25-percent concession is given on this part of the profit for taxation.
According to experts, such stimulation of non-cash payments will also contribute to transparency in the field of trade and public catering, attracting these areas to taxes.
While it is possible to hide the real turnover of the enterprise with cash payments, the funds go through banks when paying with cards, which makes hiding them impossible.