OREANDA-NEWS. May 12, 2009. Azerbaijan is planning to cut profit tax rate, said the country’s minister of finance.

“We have plans to reduce profit tax rate to support business development. Proposals will soon be submitted to Milli Majlis,” said Samir Sharifov.

With regard to the reduction of Value Added Tax (VAT) rate, he said this move would have neither positive nor negative impact on the economy.

Earlier, the government agreed to cut profit tax rate by 2 percentage points from 22%.  Amendments to the tax Code will be sent to the parliament by May 15.