Azerbaijan proposes halving interest on late tax payments, says Orkhan Nazarli

Orkhan Nazarli, head of Azerbaijan's State Tax Service, has proposed halving the interest charged on tax obligations that are not paid on time. He made the proposal today at a meeting of the Economic Policy, Industry and Entrepreneurship Committee of the Milli Majlis, the country's parliament. Under the proposal, the interest applied for each day of delay would be cut by half. The State Tax Service is attached to the Ministry of Economy.

Nazarli said boosting exports is one of the priority areas of the planned changes. Exporters would receive additional tax benefits, and the incentives would cover services as well as goods. The changes are intended to widen access to international markets for local businesses and strengthen the country's export potential.

He also said additional incentive mechanisms are planned to encourage faster payment of financial sanctions.