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Azerbaijan Parliament starts discussion on 3 financial bills

10 June 2009 16:12 (UTC +04:00)

Baku. Vahab Rzayev, Elbrus Seyfullaev - APA-Economics. The Milli Majlis Committee on Economic Policy has today discussed the Bills on Amendments to the Tax Code, the Law â€œOn the National Bankâ€ and the Law â€œOn the Budget Systemâ€.

Elman Rustamov, Chairman of the Central Bank of Azerbaijan, said it is proposed to make some changes to the Law â€œOn the National Bankâ€ in order to allow the central bank to effectively implement anti-crisis measures in addition to replacing the wording â€œnational bankâ€ with â€œcentral bankâ€.

According to him, Article 49-1 after amendment would allow the central bank to lend government-secured loans to finance the projects of socio-economic significance and the real economy.

Natig Amirov, First Deputy Minister of Taxes, said it is proposed to amend the Tax Code so that the Tax Code would allow apply a financial sanction in the amount of 50% of overdue VAT when taxpayer delays VAT payment after the prices of goods and services are paid.

In addition, the proposed amendment would allow levying 20% of 20% of income on solo traders (non-incorporated entrepreneurs).

Minister of Finance Samir Sharifov said that the amendments to the Law â€œOn the Budget Systemâ€ would provide that the approved state budget allocations indicate the maximum limit of expenditure for a particular purpose and the amount of actual expenditure during the year must not exceed this limit.

Another addition says that expenses might be reduced if incomes and other receipts are below the fixed amount to close the budget deficit in the performance of the state budget.

The bills will be discussed at the plenary session of Parliament.