Azerbaijan joins the chorus of countries set to tax crypto incomes and profits

06 May, 2018
by Ryan McInally
News
Azerbaijan joins the chorus of countries set to tax crypto incomes and profits

Azerbaijan recently announced it will join similar states in a move set to tax incomes and profits that are associated with cryptocurrency.

Until recently, Azerbaijan a rich oil and gas country has taken a conservative approach towards cryptocurrencies even going as far as denouncing them as “illegitimate” and “dangerous”, according to the chairman of the Central Bank of Azerbaijan, Elman Rustamov. Opinions in the capital and throughout the country seem to be shifting as the country is seeing the volume of trades increase in the Eurasian state and the government is now seeking a piece of the taxation pie.

Under the countries tax code, corporate profits which extends to resident enterprises is taxed at 20 percent. Personal income tax in the Azerbaijan state is on a progressive scale between 14-25%.

Read more about: Bitcoin (BTC)

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