Cryptocurrency transactions will be taxed in Azerbaijan

Azerbaijan Government to tax all gains from cryptocurrency transactions. From the official’s of Tax Ministry of Azerbaijan it has been confirmed that all the profits will be taxed from both corporate profits and personal incomes.

Nidjat Imanov, Deputy-director of the Department of Tax Policy and Strategic Studies at the Ministry of Taxes said that:

Incomes from operations with cryptocurrencies will be taxed. Formally, this means – corporate profit tax for legal entities, and personal income tax for individuals,” the Tax Ministry’s representative stated. “If someone bought cryptocurrency and then sold it at a higher price, that amount must be reported as income and subjected to taxation

The crypto profits from tax of all the residents (personal income) will be taxed under the country’s tax code.

The current corporate tax rate stands at 20%. Income of less than 2500 AZN a month is taxed at 14% and 25% tax on the amount exceeding the limit.

Source: news.bitcoin.com

Share this news
>