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Electronic register on tax, customs benefits created in Azerbaijan

Feb 14, 2020 (MENAFN via COMTEX) --

(MENAFN - Trend News Agency) BAKU, Azerbaijan, Feb. 14

By Eldar Janashvili - Trend:

Azerbaijan's Finance Ministry is creating a 'Centralized Electronic Register' on tax and customs benefits, Trend reports referring to the ministry.

The register will be integrated into the automated tax information system of the State Tax Service under the Economy Ministry and the Unified Automated System of Customs Control of Azerbaijan's State Customs Committee.

Information in the declaration, which will be transmitted through the new system, will allow calculating the lost funds as a result of applying benefits to the state budget in terms of ownership, economic activity, parameters of the oil and non-oil sectors for each type of tax and customs duties to which the benefit applies, and consequently, determine the actual budget losses.

At the same time, this system will provide forecast on the impact of the application of these benefits on state budget revenues for the medium term.

The integrated 'Centralized Electronic Register' is being developed in accordance with the decree of Azerbaijan's Cabinet of Ministers dated Feb. 8, 2020 'Methodology for assessing the impact of the benefits and exemptions in tax and customs spheres on state budget revenues and the procedure for maintaining a register of these benefits and exemptions'.

This rule will be implemented in accordance with the amendments to the 'Law on Budget System'.

During this year, there are plans to write software, create the system and implement integration into the relevant state structures, and since 2021 - to launch the active process of the system's operation.

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