Rich Azerbaijanis will report income?

The Government of Azerbaijan intends to apply the system of the Universal Revenue Declaration in the country. Turan reports that this is stated in the document of the Ministry of Finance on the macrofiscular frame for 2022-2025 and preliminary indicators of the consolidated and state budgets for 2022.

“In the medium term, it is planned to create a legal framework for the transition to the system of universal declaration of citizens’ income, to implement such measures as the amnesty of capital and property. This will play an important role in continuing to combat the shadow economy and maintain fair competition,” the statement says Ministry of Finance.

The concept of a general declaration system is the presentation of the annual income declaration (assets) by all individuals. It is considered one of the main tools to increase tax collecting, expand the tax base, tax control over real incomes and the fight against the shadow economy. The purpose of the general declaration system is to identify illegal income or paying taxes from the revealed income.

In Azerbaijan, the declaration of income of citizens is not practiced. Even in the early 2000s, plans were built on this calculation, but concrete steps were not undertaken.