A senior lawmaker has proposed introducing an additional 4 percent tax on businesses that withdraw cash beyond the limit allowed under current legislation.
Speaking during today’s parliamentary debate on amendments to the Tax Code, Qudrat Həsənquliyev, deputy chair of the Milli Majlis committee on defense, security, and anti-corruption, said many entrepreneurs already find informal ways to access extra cash-often by routing money through intermediary companies and losing part of their revenue in the process.
According to Həsənquliyev, applying a straightforward 4 percent tax on excess cash withdrawals would be both more transparent and more beneficial for the state:
“Entrepreneurs are already doing this through other companies and losing part of their income. They would agree to an extra 4 percent tax. If we adopt it, the money will go to the budget instead of private intermediaries,” he argued.
Under the current rules, businesses may withdraw up to 15,000 manats per month in cash without facing penalties or extra charges.
Source: APA
