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Implementation of large cash payments to be banned in Azerbaijan

03 June 2011 09:42 (UTC +04:00)

According to APA-Economics, these include economically seriously stimulation of plastic card owners and firm administrative measures.

According to Deputy Minister of Taxes Sahib Alekberov, serious tax credits will be submitted to the persons implementing cashless payments using plastic cards, in accordance to the annexes and amendments in Code of Taxes: â€œAt the same time, we offered to reduce the VAT for those persons. I would not say the value, exactly â€“ this will be still considered, but sufficient serious concessions were planned hereinâ€.

Besides, serious administrative measures will be take for reduction of cash payments â€“ the payments, exceeding the certain limit will, be implemented via plastic cards: â€œAfter certain sum, cash payments will be banned and if such cases are revealed, they will be finedâ€.

Amendments and annexes in Code of Taxes on this issue have already been prepared: â€œMinistry of Taxes has submitted its proposals for certain amendments in Code. I hope that, these will be considered and all of these will establish legal base that to apply these issues, more widelyâ€.

He also noted that, the number of POS-terminals in the country is too few: â€œWe are not satisfied with application of POS-terminals. There are more than 8,000 POS-terminals across the countryâ€. According to S. Alekberov, weâ€™ve to take such steps that, all of businessmen, buyers and purchasers to interest in this: â€œIf we can provide this, serious progress is expected in this sphere, recentlyâ€.