No amendments expected in Tax Code due to devaluation

  18 January 2016    Read: 1182
No amendments expected in Tax Code due to devaluation
No amendments are expected in Tax Code in connection with manat devaluation, Natig Shirinov, Tax Policy and Strategic Studies Chief at the Ministry of Taxes said at the 5th Annual Tax Conference entitled `Development and compliance in tax system`.

He said, price rice in tobacco and alcoholic products does not affect the tax receipts: “In early 2015, it was switched to a specific system in the taxation mechanism in connection with excise amending Tax Code related to sale of the excisable goods.

What does it mean? An excise tax was being accounted in equal to 12.5% of wholesale price of the tobacco products. However, the amendments lead to switching to specific tax system. That’s each 1,000 units of tobacco were taxed. Such amendments, price rice in connection with the manat devaluation do not affect the tax receipts”.

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