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Individual VAT payers will pay 20% income tax in Azerbaijan,

Individual VAT payers will pay 20% income tax in Azerbaijan,

11 June 2009 16:18 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. According to Amendments to the Tax Code, it is proposed to set the income tax level at 20% for individual VAT payers.

Under the existing paragraph in the Tax Code, natural persons are required to pay tax on the 2-step system. For example, individuals with monthly income up to 2 000 manats pay 14% income tax and individuals with monthly income above 2 000 manats pay 280 manats and 35% of the difference between the actual income and 2 000 manats.

Note that solo traders (non-incorporated entrepreneurs) with annual turnover of less than 90 000 manats are to pay a simplified tax of 4% of turnover.

However, if the annual turnover exceeds 90 000 manats, entrepreneurs are VAT payers. In this case, legal entities pay profit tax and individuals pay income tax.

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