“The “”VAT refund”” project is successfully implemented in the country, and this project is giving important results in the direction of making the economy more transparent. From the time of implementation of the mentioned project until April of the current year, the VAT amount of 412 million manats was refunded to consumers registered on the portal, and more than 36 million manats in January-March of this year alone.
“”VAT refund”” is one of the projects that gave an important impetus to the expansion of non-cash payments. As it is known, 17.5% of the paid VAT is returned to consumers when payment for purchased goods and services is made in cashless mode, and 5% in case of cash payment. The implementation of the incentive “”VAT Back”” project, which aims to attract citizens to cashless payments in the field of retail trade, public catering and medical services, has led to a significant increase in the specific weight of cashless payments in the mentioned sectors.
The State Tax Service continues to implement new generation cash registers in the country. Currently, the number of online NKAs applied across the country is more than 87 thousand. During the 3 months of 2023, the turnover recorded through new generation cash registers exceeded 4.9 billion manats, which is 20.6 percent more than the same period of the previous year.
Source: taxes.gov.az“
Latest Posts in "Azerbaijan"
- VAT Refunds in Nakhchivan Exceed 3.4 Million Manats, Boosting Consumer Benefits
- Meeting Held with VAT Payers in Nakhchivan to Discuss Tax Inspections and Compliance
- Informative Video on VAT Refund for Cultural Services by State Tax Service Released
- VAT Refunds in Nakhchivan Reach 3.3 Million Manats, Increasing Transparency and Control
- Consumers Continue to Benefit from VAT Refund Project in Azerbaijan, Over 108 Million Manat Returned
