Income tax outlook exaggerated in Azerbaijan

Income tax outlook exaggerated in Azerbaijan
# 24 September 2008 15:25 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. Receipts in individual tax income fell in Azerbaijan this year for the first time over the past five years, said the Ministry of Taxes.
According to the ministry, the prediction for income tax was met at 81.5% during January-July. Up to this year, the predictions for income tax were exceeded.




Income taxes account for 12.8% of tax receipts while the factual income tax receipts only account for 9.3%.
Under the tax Code, tax on individual income is based on differential scale.
That is to say, the tax rate is 14% for an income of up to AZN 2 000 and 35% for an income of above AZN 2 000.
Income tax is the third only to profit tax and VAT.
Money incomes earned by the population rose 35.4% in the country, according to official statistics.
The prediction was not meet although there was no change income tax mechanism and taxation procedure.
Analysts argue that this is associated with a sharp rise in prediction (30%).
They claim that it would be necessary to soften income tax policy if the prediction is not met by the end of this year.
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