Azerbaijan Reveals Amount Of VAT Refund To Consumers

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 19. Over 400 million manat ($235.2 million) have been returned to consumers since the start of the project to refund part of the VAT (Value Added Tax) in Azerbaijan, trend reports via the State Tax Service under Azerbaijan's Ministry of Economy.

Only from January through February of this year, more than 24.7 million manat ($14.5 million) were returned to consumers.

In order to receive a refund of a certain part of VAT, the consumer, that is, the party making the purchase or using the service, must be an individual, and the seller or the party providing the service must be a VAT payer.

In 2022, more than 68.4 million manat ($40.2 million) of VAT were returned to consumers for non-cash purchases of goods or services.

At the end of last year, Azerbaijan increased the VAT refund for cashless payments. This issue was discussed at the Azerbaijani Parliament's meeting on December 9.

The relevant draft proposes to reduce VAT refund during cash transactions from 10 to 5 percent and increase it from 15 to 17.5 percent for cashless payments in order to promote non-cash transactions. The bill was put to the vote and adopted in the third reading.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.