Azerbaijan, Baku / Trend corr. I. Khalilova, I. Alizadeh / The Azerbaijani Tax Ministry is planning to introduce a single treasure account to which payments will be accumulated from the deposit account on Value Added Tax (VAT).
Natig Amirov, the Deputy Tax Minister of Azerbaijan, said earlier it was planned to open separate bank accounts for each VAT payer during the meeting of the Parliamentary Commission on Economic Cooperation.
The result will be that the administration of VAT will be implemented through a centralized autonomous informative tax system of the Tax Ministry.
The Tax Ministry is interested in decreasing VAT rates to 18% within the framework of the development of the entrepreneurship program. So it was announced to decrease the VAT rate to 1% within three years.
"The introduction of a treasure account for VAT will be implemented from 2008," the Deputy Minister said.
The optimal VAT rate at the current tax state of Azerbaijan's economy amounts to 14-15%.