Taxes on revenues from operations with cryptocurrencies in Azerbaijan
Revenues from operations with cryptocurrencies subject to taxation in Azerbaijan, Deputy Director General of the Tax Policy and Strategic Research Department of the Taxes Ministry Nijat Imanov said May 5 during the second Finance and Investment Forum (FIF 2018) in Baku, the local news agency Trend reports today, May 5, 2018.
“This is formalized as a profit tax for legal entities and income tax for individuals,” Imanov said. “If someone bought a cryptocurrency and then sold it after its price increased, this amount is recorded as income and therefore should be attracted to taxation.”
Experts claim that Azerbaijan’s crypto-currency market is regarded as a valid option for earning money. Rapid growth on the market was observed from May to December 2017.
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