Azerbaijan, Baku / Trend corr. I.Khalilova / The Azerbaijani Tax Ministry has reported that the Ministry has submitted proposals to the Government to upgrade system of administration of Value Added Tax. The document envisages two main systems of payments of this type of tax. These proposals were backed by the Finance Ministry. Payments of VAT through cheque envisage issue of securities with nominal cost by AZN 100 and higher. The proposal on opening VAT accounts was proposed three years before. VAT system envisages levy of VAT to the state budget and turnover of taxes through different current bank accounts of payers of VAT.
Usage of system of VAT accounts will allow increasing remittances to the state budget on VAT by 30-50%. The rate of VAT in Azerbaijan is 18%.