From tomorrow, the transition from micro-entrepreneurship to another category of entrepreneurship is stimulated, it was reflected in the amendment to the Tax Code, which President Ilham Aliyev signed a decree on its implementation, APA reports.
According to the previous law, 75 percent of the income from entrepreneurial activities of individual entrepreneurs, who are micro-entrepreneurs who keep records of income and expenses, were exempt from income tax.
According to the law, from January 1 of next year, 75 percent of the income from entrepreneurial activity of micro-entrepreneurs with no less than 3 employees per month for the corresponding year and who do not owe mandatory state social insurance contributions will be exempted from income tax. The average monthly number of salaried employees for the relevant year will be determined by summing the number of salaried employees during the calendar year and dividing by 12.
If the taxpayer does not meet the condition defined in this article for the purpose of applying the tax relief, and in the next reporting year, when he switches from the micro-entrepreneurship policy to another category of entrepreneurial subject, the individual entrepreneur is a micro-entrepreneur, with a tax rebate of 75 percent of the income tax calculated and paid according to the results of the previous 3 calendar years. will be deducted from the income tax liability during the period of its subject.
Also, the mentioned tax relief will not be applied in relation to income arising from non-commodity transactions in case of non-commodity transactions by the taxpayer.
This Law enters into force on January 1, 2024.
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