New Tax Legislation To Strengthen Market Control And Combat Shadow Economy
Date
1/21/2025 10:10:45 AM
(MENAFN- AzerNews)
Nazrin Abdul
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One of the key innovations aimed at systematically combating the
"shadow economy," enhancing tax control mechanisms, and expanding
the tax base involves recent changes to tax legislation governing
market operations, Azernews reports, citing the
State Tax Service (SST) under the Ministry of Economy.
According to information, these changes stipulate that tenants
can only operate in markets once the properties they rent are
registered with the tax authority. market owners are responsible
for ensuring this registration.
Additionally, when real estate is used for entrepreneurial
activities in markets, the owner must display registration
details-such as the taxpayer's name and tax identification number
(TIN)-at the entrance of the business premises.
Under the new legislation, market owners are also required to
submit quarterly reports to tax authorities, detailing tenants
whose lease agreements have ended, those who have ceased
operations, and those who continue to operate. These requirements
do not apply to agricultural product markets or agricultural
cooperatives.
The amendments to the Tax Code, designed to enhance tax control
over markets, will take effect nine months after the law is
adopted. Market owners will also have six months to ensure that all
unregistered properties are registered with the tax authority and
that tenants comply.
These changes are expected to prevent illegal business
activities, strengthen accounting discipline, ensure timely tax
payments to the state budget, and protect consumer rights.
Ultimately, the amendments will help formalize market operations,
encourage legal compliance, and foster greater transparency.
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