BAKU, Azerbaijan, September 22. Azerbaijan envisages to reduce the tax burden on the population through social benefits and stimulate entrepreneurial activities in the main directions of the revenue policy next year, Trend reports.
This issue was reflected in "Preliminary Indicators of the State and Consolidated Budgets for 2024" document prepared by the Ministry of Finance of Azerbaijan.
The document noted that in order to reduce the tax burden on the income of individuals, there are provisions for increasing the volume of benefits provided to certain categories of individuals and excluding certain incomes from the taxable income base.
At the same time, in order to reduce the tax burden on business entities and stimulate entrepreneurial activities, it's planned to simplify the taxation mechanism for financial leasing, increase the portion exempt from corporate income tax for funds directed towards public and social purposes, and provide additional tax benefits for certain sectors of the economy.
Tax revenues to the state budget of Azerbaijan amounted to 12.1 billion manat ($7.1 billion) from January through August 2023.
In 2022, this figure amounted to 15.5 billion manat ($9.1 billion), which is an increase of 82.2 percent compared to 2021).
