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Azerbaijan Parliament adopts three economic bills

19 June 2009 13:48 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. The Milli Majlis plenary session has today adopted the Bills on Amendments to the Tax Code, the Law â€œOn the National Bankâ€ and the Law â€œOn the Budget Systemâ€.

Changes were made 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€.

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

The Tax Code was amended so that it allows applying 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 allows levying 20% of income on solo traders (non-incorporated entrepreneurs).

The amendments to the Law â€œOn the Budget Systemâ€ provides 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.