BAKU, Azerbaijan, March 19. Over 400
million manat ($235.2 million) have been returned to customers
because the begin of the undertaking to refund a part of the VAT (Value
Added Tax) in Azerbaijan, Trend studies through the State Tax Service below
Azerbaijan’s Ministry of Economy.
Only from January via February of this yr, extra
than 24.7 million manat ($14.5 million) have been returned to
customers.
In order to obtain a refund of a sure a part of VAT,
the patron, that’s, the occasion making the acquisition or utilizing the
service, should be a person, and the vendor or the occasion
offering the service should be a VAT payer.
In 2022, greater than 68.4 million manat ($40.2 million)
of VAT have been returned to customers for non-cash purchases of products
or companies.
At the tip of final yr, Azerbaijan elevated the VAT
refund for cashless funds. This situation was mentioned on the
Azerbaijani Parliament’s assembly on December 9.
The related draft proposes to cut back VAT refund
throughout money transactions from 10 to five % and improve it from
15 to 17.5 % for cashless funds in an effort to promote
non-cash transactions. The invoice was put to the vote and adopted in
the third studying.
