Changes and supplements can be injected in the Tax Code prior to the summer vocation of the Milli Majlis [parliament]. Fazil Mammadov, the Minister of Taxes, said that that at the instruction of the head of state the changes and supplements to the tax legislation will be injected separately from the budget packet, which will be submitted to the parliament in October-November. The Ministers acknowledged that it was the more civilized way rather correcting the entire budget packet.
Mammadov said that essential changes to the Tax Code, particularly, cut in tax rates, were not expected in 2007. The essential changes will concern property tax and definite work on the improvement of this tax is underway. The changes will also be made in the property registration, estimation, taxation by this type of taxes. In future it is planned to unify the property taxes with the royalties. A special commission has been established at the Ministry in his respect.
Since 2006 profit tax rate has been established at 22%, though over 2 previous it comprised 24%. The changes also touched upon the income tax. The amount of incomes liable to maximal taxation (355) was increased from 600 to 1000 AZN.
