(MENAFN- Trend News Agency) BAKU, Azerbaijan, Nov. 26
Trend:
The changes that are planned to be made into the legislation 'On non-cash payments' will not create an administrative burden on citizens in Azerbaijan, the State Tax Service under the Azerbaijani Ministry of Economy told Trend .
The bill on changes to the Law 'On Cashless Payments' is under consideration in the Azerbaijani parliament.
According to the bill, non-cash payments that are planned to be made are as follows:
Retail sales over 4,000 manat ($2,352) within one transaction;
Medical payments over 500 manat ($294) within one transaction;
Prizes in the amount of over 3,000 manat ($1,764) and cash payments related to participation in games, which are regulated by the laws 'On Lotteries' and 'On Physical Culture and Sports' of the Republic of Azerbaijan.
The main goal of the proposed changes is to combat the 'shadow economy', ensure transparency of transactions and settlements and replace cash settlements with non-cash settlements.
According to Article 3.1 of the Law of Azerbaijan 'On Cashless Payments', there are the following types of non-cash payments:
- settlements when transferring from one bank account to another;
- settlements which are carried out via payment terminals;
- settlements which are carried out by transferring cash directly to the seller's account.
Citizens may carry out non-cash payments through POS terminals, e-commerce platforms, internet banking services, mobile applications, payment terminals.
According to the legislation, the refundable amount to the consumer in case of non-cash payment is 15 percent VAT while cash - 10 percent.
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