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Azerbaijan to experiment with blockchain for Tax related purposes

Feb 16, 2018 Posted /  6199 Views

Azerbaijan to experiment with blockchain for Tax related purposes

Azerbaijan's Tax minister Mikayil Jabbrov attended a conference in Baku called "Taxes: Transparency: Development" where he said that Azerbaijan's Ministry of Taxes will examine the employment of blockchain technology for various schemes. He further added that the distributed ledger technology would facilitate the tax authorities to establish tasks at a higher level.

Jabbrov said in the conference that he reckons that ministry's present system of services needs to go through many significant modifications to disburse the taxpayers' requirements.

“Each taxpayer must have access to any service at any time and from any place. The new technologies should ensure the targeting of public services, covert taxpayers’ contacts to the electronic format and provide an opportunity to achieve transparency,” the minister commented.

Jabbrov indicated that the Ministry of Taxes from sometime had been involved in the utilization of various information technologies and it supports the policy of continual technology upgradation for simplifying the technology. It said that it will endure the policy.

“Digitalization of tax administration has a cumulative effect. Technologies are the basis for increasing the level of voluntary compliance with tax legislation. [Technologies] serve to increase public confidence in the state, to increase the population's satisfaction, and to ensure economic transparency for all its subjects,” Jabbarov calculated.

Recently many government ministries experimented with blockchain technology in Azerbaijan and the tax ministry is not the only government agency traversing with it. The head of the State Customs Committee of Azerbaijan, Aydin Aliyev, remarked in the beginning of February that the technology might suit great in the country’s customs service.

“We know that the use of blockchain technology is of great interest to the customs authorities of the US, UK, Singapore, Korea and Japan. It should be taken into account that the blockchain technology promises a number of advantages - optimization of costs and resources, as well as ensuring transparency, which is achieved through distributed databases and cryptographic solutions,” Aliyev was quoted by the local media.

There were reports earlier from Azerbaijan that the country has organized a working group on the cryptocurrency trade. The mission related to the working group was to develop a draft law "on the regulation of cryptocurrency trade.”

In the past week also Kazakh President Nursultan Nazarbayev asserted a satisfactory note for the utility of the blockchain and implemented in his country for raising the value-added tax.

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Tags: blockchain Tax Azerbaijan Bitcoin Price Blockchain Tax

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