ࡱ>  %' !"#$y_bjbj4bb)..:,   !!!8Ym$!)P&''='='='S&T T=&?&?&?&?&?&?&-0>?&  T(SSTT?&  ='='+H)TZa =' ='=&T=&j8/='R t%2)&^)0)Q0t0d//0 )!TTTTTTT?&?&XDTTT)TTTT0TTTTTTTTT.? m: AZRBAYCAN RESPUBL0KASI THS0L NAZ0RL0Y0 AZRBAYCAN DVLT 0QT0SAD UN0VERS0TET0 MAGISTR MRKZI Xanlar>va Gnel QYrib q1z1  SYhmdar cYmiyyYtlYrdY vergitutma mYsYlYlYri  mvzusunda MAG0STR D0SSERTAS0YASI FakultY:  Magistr mYrkYzi Kafedra:  Vergi vY vergiq>yma 0stiqamYtin _ifrYsi vY ad1: 00M010000 0qtisadiyyat 0xtisas1n _ifrYsi vY ad1: 00M010004  Vergi vY vergiq>yma Elmi rYhbYr: i.e.n.d>s.0.M.Rzayev Magistr pr>qr. rYhbYri: i.e.n. d>s. 0.M.Rzayev Kafedra mdiri: i.e.d.pr>f. Y.A.KYlbiyev BAKI  2016 MndYricat Giri_......................................................................................................................3 I FYsil. Masir mYrhYlYdY AzYrbaycanda vergi siyasYt1nin mahiyyYti, f>rmalar1 vY nYzYri-met>d>l>ji Ysaslar1..............................................................9 1.1 Vergi siyasYt1nin mahiyyYti, f>rmalar1, s>sial vY iqtisadi inki_afda vergilYrin r>lu.........................................................................................................9 1.2 Vergitutman1n nYzYri-met>d>l>ji Ysaslar1....................................................18 1.3.Hal-haz1rda lkYmizdY vergi sisteminin f>rmala_mas1 xsusiyyYtlYri..........................................................................................................25 II FYsil. AzYrbaycanda sYhimdar cYmiyyYtlYrin f>rmala_mas1 mYsYlYlYri...34 2.1. SYhmdar cYmiyyYtlYrinin f>rmala_mas1n1n iqtisadi zYruriliyi vY ilkin _YrtlYri.....................................................................................................................34 2.2. 0qtisadiyyatda inteqrasiya pr>seslYrinin inki_af1nda sYhmdar kapital1n1n r>lu.........................................................................................................................42 2.3. MYssisYnin bazar dYyYrinin mYyyYn edilmYsinin spesifik xsusiyyYtlYri..........................................................................................................52 III FYsil.!OI<40@ cO<899OB;O@8= 25@M89O cO;1 548;<OA8=8= OA0A EFACA899OB;O@8..61 3.1 !OI<40@ cO<899OB;O@4O 20A8BO;8 25@M8;O@8= I5A01;0=<0AK 2O N4O=8;<OA8 EFACA899OB;O@8................................................................................................61 3.2 !OI<40@ cO<899OB;O@4O 18@10H0 25@M8;O@8= I5A01;0=<0AK 2O N4O=8;<OA8 EFACA899OB;O@8& .............................................................................................67 3.3 Vergi mexanizmi vY >nun tYkmillY_dirilmYsi..............................................75 NYticY vY tYkliflYr.................................................................................................85 dYbiyyat..............................................................................................................89 Giri_ AzYrbaycan Respublikas1 iqtisadiyyat1 s>n bir neY ildY yksYk srYtlY inki_af edir. MhtYrYm prezidentimiz cYnab 0lham liyevin rYhbYrliyi altmda apar1lan uurlu iqtisadi siyasYt z bYhrYlYrini vermYkdYdir.2015-ci il YrzindY respublikam1zda DM istehsal1 tYn ilin mvafiq dvr ilY mqayisYdY 1,1 faiz artaraq 54,4 milyard manat tY_kil etmi_dir. Bu dvrdY iqtisadiyyat1n qeyri-neft sekt>runda YlavY dYyYr 1,2 faiz artm1_, >nun DM-dY xsusi Ykisi s>n 5 ildY 51,2 faizdYn 69,3 faizYdYk yksYlmi_dir. Mvafiq >laraq mumi daxili mYhsulun 30,7 faizi neft-qaz istehsal1 vY emal1 sahYlYrinin pay1na d_m_ vY YvvYlki ilY nisbYtYn 1,1 faiz artm1_d1r.mumi daxili mYhsulun Yhalinin hYr nYfYrinY d_Yn hYcmi 5 703,7 manata bYrabYr >lmu_dur. 2015-ci ildY dvlYt bdcYsinin gYlirlYri 19 milyard 438,0 mily>n manat pr>qn>za qar_1 17 milyard 153,2 mily>n manat vY ya pr>qn>z 88,2 faiz yerinY yetirilmi_dir.BdcYnin xYrjlYri isY pr>qn>za nisbYtYn 84,3 faiz vY yaxud 17 milyard 786,8 mily>n manat icra >lunmu_dur. AzYrbaycan Respublikas1n1n bdcY sistemi YsasYn DvlYt bdcYsi hesab1na tY_kil >lunur. DvlYt bdcYsinin mYqsYdi lkYnin iqtisadi, s>sial vY digYr strateji pr>qramlar1n1n vY pr>bremlYrinin hYlli, dvlYtin funksiyalar1n1n hYyata keirilmYsi n qanunvericiliklY mYyyYn edilmi_ qaydada maliyyY vYsaitinin t>planmas1n1 vY istifadYsini tYmin etmYkdir. AzYrbaycan1n yeni azad iqtisadi sistemY kemYsi bdcY gYlirlYrininvY xYrjlYrinin qurulu_u, >nun tY_kili prinsiplYrini, bdcY hYlqYlYri aras1ndak1 qar_1l1ql1 mnasibYtlYri Ysasl1 surYtdY dYyi_dirdi. BdcY quruculuundak1 Ysasl1 dYyi_ikliklYr AzYrbaycanin s>sial vY iqtisadi inki_af1nda da mhm dYyi_iklYr YmYlY gYtirdi. BdcY gYlirlYrinin vY xYrjlYrinin qurulu_undak1 dYyi_iklYr, >nlar1n mumdnya standartlar1n1n tYlYblYri sYviyyYsinY uyunla_d1r1lmas1 respublikada dvlYt budcYnin s>sial r>lunun yksYlmYsindY ifadY >lunmaa ba_lad1. DvlYt bdcYnin hYminin iqtisadi r>lu da byk YhYmiyyYt kYsb etmYyY ba_lad1. Bir iqtisadi sistemdYn digYr iqtisadi sistemY kecid dvrndYki YtinliklYr, xsusilY sahibkarl11n inki_af1 vY xsusi mlkiyyYtY keid n maddi ilkin _YrtlYrin yarad1lmas1 yaln1z dvlYtin kmYyi vY nYzarYti _YraitindY >la bilYrdi. BdcYnin mahiyyYti vY funkisiyalar1nda YmYlY gYlYn dYyi_ikliklYrdYn biri dY bYlYdiyyYlYrin bdcYlYrinin tY_kili zrY yeni qaydalar1n mYyyYn edilmYsi vY mYrkYzi bdcY ilY >nlar1n aras1nda zvi YlaqYlYrin f>rmala_mas1d1r. BYlYdiyyYlYr YslindY s>sial-mYdYni tYdbirlYrin xeyli hissYsini z zYrinY gtrYrYk bdcYnin qurulu_unda Ysasl1 dYyi_ikliklYrY gYtirib 1xaracaq idarYetmY hYlqYsinY evrilirlYr. BdcYnin mahiyyYt dYyi_ikliklYrindYn biridY >nun getdikcY daha >x s>sial vY investisiya ynml >lmas1d1r. BdcY xYrjlYrinin tYrkibindY s>sial vY investisiya xYrjlYrinin xsusi Ykisinin ilbYil >xalmas1 bunu sbut edir. Respublikam1z1n iqtisadiyyat1nda bazar mnasibYtlYri _YraitindY, bu mnasibYtlYrin iqtisadi tYnzimlYnmYsindY vY AzYrbaycan1n dvlYt bdcYsinin mYdaxil hissYsinin f>rmala_mas1nda vergilYrin r>lu art1r, yeni iqtisadi mnasibYtlYr _YraitindY prinsipial cYhYtcY yeni vergi siyasYt1nin hYyata keirilmYsi, dvlYt bdcYsinY atas1 vergilYrin vY digYr icbari dYni_lYrin tam vY vaxt1nda sYfYrbYr >lunmas1 istiqamYtindY mYqsYdynl tYdbirlYr hYyata keirilir. Bu bax1mdan  SYhmdar cYmiyyYtlYrdY vergitutma mYsYlYlYri mvzusu >lduqca aktuald1r. Bu sahYdY tYhlillYrin, ara_d1rmal ar1n apar1lmas1na ehtiyac duyulur. Dissertasiyan1n yrYnilmY sYviyyYsi. lkYnin maliyyY vY > cmlYdYn, vergi p>tensial1n1n mYyyYn >lunmas1 sullar1, sYhimdar cYmiyyYtlYrdY vergitutma mYsYlYlYrinin f>rmala_mas1 mYsYlYlYri iqtisad elminin tYdqiq >lunmam1_ sahYlYrindYn biridir. TYdqiq >lunan elmi tYdqiqat i_i zrY xarici lkY alimlYrindYn Yutkina T.Y., Milyak>v N.V., Sut1rin S.F., Q>rbun>v A.R., Dernberq R.L., Rusak>v>y Q.0., KnyazevaV.Q., Kva_i Y.F., '5@=8: ., Br1zqalinA.V., vY s., AzYrbaycan iqtisad1-alimlYrindYn Musayev A., HYsYnli M., Ba1r>v D., Sad1q>v M., KYlbiyev Y. vY digYrlYrinin YsYrlYrini gstYrmYk >lar. Bu YsYrlYrin tYhlili gstYrir ki, sYhmdar cYmiyyYtlYrdY maliyyY vY vergi p>tensial1n1n f>rmala_mas1, qiymYtlYndirilmYsi vY pr>qn>zla_d1r1lmas1 istiqamYtindY elmi-tYdqiqat i_lYri apar1lm1_, lakin vergi p>tensial1n1n qiymYtlYndirilmYsi met>d>l>-giyas1n1n haz1rlanmas1 mYsYlYlYri bu i_lYrdY tam z hYllini tapmam1_d1r. Btn bunlar da qar_1ya q>yulmu_ pr>blemin aktuall11na vY elmi yeniliyinY dYlalYt edir. Dissertasiyan1n mYqsYdi. SYhmdar cYmiyyYtlYrdY vergilYrin dYnilmYsinin spesifik xsusiyyYtlYri, dYnilY bilYcYk vergi imkanlar1n1n mYyyYnlY_dirilmYsi met>d>l>giyas1n1n haz1rlanmas1 mYqsYdilY >nun qiymYtlYndirilmYsi met>dlar1n1n i_lYnib haz1rlanmas1, cYhmdar kapital1n f>rmala_mas1 >nun lkYnin s>sial-iqtisadi inki_af1na tYsirinin mYyyYn edilmYsi vY >nun >ptimalla_d1r1lmas1 pr>blemlYrinin hYlli,sYhmdar cYmiyyYtlYri tYrYfindYn dYnilYn vergilYr dissertasiya i_inin ba_l1ca mYqsYdini tY_kil edir. Bu pr>blemlYrin hYllinY nail >lmaq n a_a1da gstYrilYn mYsYlYlYrin hYlli ba_l1ca YhYmiyyYt kYsb edir : - AzYrbaycan Respublikas1n1n s>sial vY iqtisadi inki_af1n1n ara_d1r1lmas1 nYticYsindY vergi al1nmas1 imkanlar1n1n, sYhmdar cYmiyyYtlYrin vergi yknn parametrlYrinin qiymYtlYndirilmYsinldY istifadY edilmYsi; - AzYrbaycan Respublikas1nda hYyata keirilYn iqtisadi siyasYt1n vY vergi siyasYt1nin nYticYlYrinin ara_d1r1lmas1; - sYhdar cYmiyyYtlYrdY vergi dYmY qabiliyyYtinin elmi vY praktiki Ysaslar1n1n yrYnilmYsi vY >na tYsir edYn amillYrin mYyyYn edilmYsi; - sYhmdar cYmiyyYtlYrdY vergi dYmY qabiliyyYtinin pr>qn>zla_d1r1lmas1; - sYhmdar cYmiyyYtlYrdY >ptimal vergi d1m1 sYviyyYsinin mYyyYn edilmYsi; -sOI<40@ cO<899OB;O@8= 25@M89O cO;1 548;<OA8=8= spesifik EFACA899OB;O@8, 20A8BO;8 25@M8;O@8= I5A01;0=<0AK 2O N4O=8;<OA8 EFACA899OB;O@i, 18@10H0 25@M8;O@8= I5A01;0=<0AK 2O N4O=8;<OA8 EFACA899OB;O@8, dYmY mYnbYyindYn vergilYrin tutulmas1 ; - sYhmdar cYmiyyYtlYrdY vergi mexanizmi vY >nun tYkmillY_dirilmYsi istiqamYtlYrinin mYyyYn edilmYsi; - vergi p>tensial1n1n qiymYtlYndirilmYsi met>d>l>giyas1n1n haz1rlanmas1. TYdqiqat1n >byekti sYhmdar cYmiyyYtlYrdY vergitutma mYsYlYlYri, sYhdar kapital vY s>sial-iqtisadi inki_afda >nun maliyyY vY vergi dYmY qabiliyyYti, vergi yk kriteriyas1, predmeti isY sYhmdar cYmiyyYtlYrin vergi dYmY qabiliyyYtinin vY >ptimal vergi rejiminin bdcY gYlirlYrinY tYsirinin mYyyYn edilmYsinin tYdqiqi, pr>qn>zla_d1r1lmas1 vY iqtisadi- riyazi m>dellYr vasitYsi ilY vergi dYmY qabiliyyYtinin mYyyYnlY_dirilmYsidir. TYdiat i_inin nYzYri vY met>d>l>ji Ysaslar1n1 Respublikan1n vY xarici lkYlYrinin iqtisad1 alimlYrinin sYhmdar cYmiyyYtlYrdY vergitutma mYsYlYlYri,vergi vergi dYmY qabiliyyYtinin qiymYtlYndirilmYsi vY pr>qn>zla_d1r1lmas1, >ptimal vergi tutma sYviyyYsinin vY vergi yknn ag1rl1g1n1nmYyyYn edilmYsi sahYsindY elmi-tYdqiqat YsYrlYri tY_kil etmi_dir. Dissertasiya i_indY inf>rmasiya bazas1 kimi AzYrbaycan Respublikas1 DvlYt Statistika K>mitYsinin rYsmi cap >lunmu_ materiallar1, AzYrbaycan Respublikas1 vergilYr vY maliyyY nazirliklYrinin rYsmi materiallar1, 0nternet _YbYkYsindY mvzuya uyun elektr>n resurslar tY_kil etmi_dir. TYdqiqat pr>sesindY sistemli tYhlil, riyazi- iqtisadi, imitasiya m>dellY_diril-mYsi sullar1, riyazi statistika vY s. sullardan geni_ istifadY >lunmu_dur. Dissertasiyan1n elmi yeniliyi. TYdqiqat pr>sesindY a_kar >lunmu_ elmi yenilik kimi a_a1dak1lar1 gstYrmYk >lar: - Vergi siyasYt1nin mahiyyYti, f>rmalar1, ara_d1r1lm1_, s>sial-iqtisadi inki_afda vergi amilinin r>lu vergi p>tensial1n1n qiymYtlYndirilmYsi sullar1 tYdqiq edilmi_dir; -AzYrbaycanRespublikas1n1n iqtisadiyyat1n1n nizaml1 inki_af1 n >ptimal vergi rejiminin f>rmala_mas1 istiqamYtlYri mYyyYn >lunmu_ vY vergi dYmY qabiliyyYtinin qiymYtlYndirilmYsi vY planla_d1r1lmas1 sullar1 tYklif >lunmu_dur; - AzYrbaycanda sYhmdar cYmiyyYtlYrinin f>rmala_mas1n1n iqtisadi zYruriliyi vY ilkin _YrtlYri istiqamYtlYri mYyyYn edilmi_dir; - 0qtisadiyyatda inteqrasiya pr>seslYrinin inki_af1nda sYhmdar kapital1n1n r>lu qiymYtlYndirilmi_dir; - !OI<40@ cO<899OB;O@8= 25@M89O cO;1 548;<OA8=8= OA0A EFACA899OB;O@8, birba_a vergilYrin,d>lay1 vergilYrin, dYmY mYnbYyindYn tutulan vergilYrin spesifik YlamYtlYri tYdqiq edilmi_dir; - SYhmdar cYmiyyYtlYrdY vergi mexanizmi vY >nun tYkmillY_dirilmYsi istiqamYtlYri, vergi tYhlkYsizliyi iqtisadi inki_af1n qarant1 kimi _Yrh edilmi_dir. Dissertasiya YmYli YhYmiyyYti. TYdqiqat i_indY xlasY edilYn nYzYri-met>dik mddYalar vY tvsiyYlYr lkYdY vergi siyasYt1nin masir sYviyyYsini qiymYtlYndirmYyY vY vergi pr>qn>zlar1n1 hYyata keirmYyY imkan verir. 0_dY tYklif edilYn iqtisadi-riyazi m>dellYr sistemi vasitYsi ilY AzYrbaycan iqtisadiyyat1n1n vergi p>tensial1n1n mYyyYn etmYk vY >nun Ysas1nda tarazla_d1r1lm1_ vergi siyasYt1ni f>rmala_d1rmaq imkan1 yaran1r. Dissertasiya i_indY sYhmdar cYmiyyYtlYrdY sYhmdar kapital1n f>rmala_mas1,>nlarda vergitutman1n xsusiyyYtlYri,birba_a, d>lay1 vY dYmY mYnbYyindYn vergilYrin tutulmas1,>nlarda maliyyY vY vergi dYmY qabiliyyYtinin qiymYtlYndirilmYsi vY planla_d1r1lmas1 hYyata keirilmi_ vY AzYrbaycan Respublikas1n1n vergi dYmY qabiliyyYtinin qiymYtlYndirilmYsi met>d>l>giyas1 haz1rlanm1_d1r. Dissertasiya i_indY tYklif edilYn met>d>lgiya VergilYr NazirliyindY vergi strategiyas1n1n i_lYnmYsi pr>sesindY, lkYnin vY sYhmdar cYmiyyYtlYrin vergi sistemindY apar1lan islahatlar pr>sesindY Ysasland1r1lm1_ istiqamYtlYrin seilmYsi n istifadY >luna bilYr. Dissertasiya i_inin qurulu_u. Dissertasiya i_indY sYhmdar cYmiyyYtlYrdY vergitutman1n bir s1ra pr>blemlYri vY lkYnin inki_af1nda vergi siyasYt1nin r>lu Ytrafl1 _YkildY _Yrh edilmi_dir. Dissertasiya i_i fYsildYn, >n blmYdYn ibarYtdir. Birinci blmYdY vergi siyasYt1nin elmi vY met>d>l>ji mYsYlYlYri vY AzYrbaycan1n iqtisadi inki_af1nda >nun r>lu, masir dvrdY AzYrbaycan Respublikas1n1n vergi sisteminin f>rmala_mas1 xsusiyyYtlYri _Yrh edilmi_dir. Ikinci fYsildY AzYrbaycanda sYhimdar cYmiyyYtlYrin f>rmala_mas1 mYsYlYlYri _Yrh edilmi_dir. Burada sYhmdar cYmiyyYtlYrinin f>rmala_mas1n1n iqtisadi zYruriliyi vY ilkin _YrtlYri, iqtisadiyyatda inteqrasiya pr>seslYrinin inki_af1nda sYhmdar kapital1n1n r>lu, mYssisYnin bazar dYyYrinin mYyyYn edilmYsinin met>d>l>ji aspektlYri mYsYlYlYri ara_d1r1lm1_d1r. nc fYsildY sOI<40@ cO<899OB;O@8= 25@M89O cO;1 548;<OA8=8= OA0A EFACA899OB;O@8, >nlarda 20A8BO;8 25@M8;O@8= I5A01;0=<0AK 2O N4O=8;<OA8nin spesifikliyi, sOI<40@ cO<899OB;O@4O 18@10H0 25@M8;O@8= I5A01;0=<0AK 2O N4O=8;<OA8 EFACA899OB;O@8 ,dYmY mYnbYyindYn vergilYrin tutulmas1 qaydalar1, vergi mexanizmi vY >nun tYkmillY_dirilmYsi istiqamYtlYri, vergi tYhlkYsizliyi iqtisadi inki_af1n qarant1 kimi vY digYr mYsYlYlYr tYhlil edilir. NYticY vY tYklifdY elmi-tYdqiqat i_inin mvzusundan, tYdqiqat >byektindYn irYli gYlYn sYhmdar cYmiyyYtlYrdY vergitutma ilY YlaqYdar >lan nYzYri vY praktiki tYkliflYr verilir. lkYnin s>sial-iqtisadi inki_af1n1 srYtlYndirY bilYcYk fikirlYr sylYnilir,vergilYr vasitYsi ilY iqtisadiyyat1n stimulla_d1r1lmas1 mYsYlYlYrinY aid tYkliflYr z Yksini tapm1_d1r. I FYsil. Masir dvrdY AzYrbaycan Respublikas1nda vergi siyasYt1nin mahiyyYti, f>rmalar1 vY nYzYri-met>d>l>ji Ysaslar1 1.1. Vergi siyasYt1nin mahiyyYti, f>rmalar1, s>sial-iqtisadi inki_afda vergi amilinin r>lu ptimal qurulmu_ vergi sistemi tYkcY dvlYtin maliyyY ehtiyatlar1na >lan tYlYbat1n1 tYmin etmYmYli, hYm dY vergi dYyijilYrinin sahibkarl1q fYaliyyYtinY >lan mara1n1 art1rmal1 vY >nlar1 daim tYsYrrfat fYaliyyYtinin sYmYrYliliyinin yksYldilmYsi y>llar1n1n axtar1_1na svq etmYlidir. TYsYrrfat subyektlYrinY da_Yn vergi yk dvlYtin hYyata keirdiyi vergi siyasYt1nin nYticYsi >lmaqla vergi sisteminin keyfiyyYt xarakteristikas1 say1l1r. PrinsipcY, respublikam1z1n vergi sistemi elY qurulmu_dur ki, mlkiyyYt f>rmas1ndan vY inzibati-Yrazi yerlY_mYyindYn as1l1 >lmayaraq vergi dYyijilYrinY qar_1 he bir ayr1-sekiliyY y>l verilmYyib. Lakin, apar1lm1_ tYhlil gstYrir ki, Ysas vergi a1rl11 mYyyYn, getdikcY dY mYhdudla_an vergi dYyijilYri dairYsinin zYrinY d_r. na grY dY, respublika vergi sistemindY vergi yknn a_a1 sal1nmas1 pr>blemi iqtisadi agentlYrin hYyata keirdiklYri btn maliyyY-tYsYrrfat YmYliyyatlar1n1n vergilYrY cYlb >lunmas1 nYticYsindY vergitutma bazas1n1n geni_lYndirilmYsi, iqtisadiyyatda dYmYmYlYr pr>bleminin aradan qald1r1lmas1 vY maliyyY vY vergi intizam1n1n mhkYmlYndirilmYsi ilY s1x YlaqYdard1r. Leqal iqtisadiyyat1n vY qanuna riayYt edYn vergi dYyijilYrinin n>rmal fYaliyyYt gstYrmYsi n Ylveri_li vergi mhitinin yarad1lmas1 bu pr>blemlYrin hYllindYn as1l1d1r. Grndy kimi, DM-a nisbYtYn hesablanm1_ vergi yk gstYricisi vergi hdYliklYrinin gYrginliyini kifayYt qYdYr dYqiq Yks etdirmir. Buna grY dY iqtisadi agentlYrY d_Yn vergi a1rl11n1 Yks etdirYn nisbi gstYricidYn istifadY >lunmas1 mYqsYdYuyundur. na grY dY, bdcYyY dYnilmYli >lan DV-nin mYblYi mYssisYdY vergi yknn sYviyyYsinin hesablanmas1 zaman1 nYzYrY al1nan vergi dYni_lYrinY aid edilmYlidir. MtlYq vergi yk gstYricisi vergi hdYliklYrinin gYrginliyini Yks etdirmir. Bu gstYrici vergi dYni_lYrinin kYmiyyYtini dYni_ mYnbYyi ilY mqayisY etmYyY imkan vermir. na grY dY nisbi vergi yk gstYricisindYn istifadY edilmYsini mYqsYdYuyun hesab edilir. Nisbi vergi yk dedikdY, >nun mtlYq kYmiyyYtinin yeni yarad1lm1_ dYyYrY nisbYti nYzYrdY tutulur. Ba_qa szlY, nisbi vergi yk mYyyYn vaxt mddYti YrzindY hesablanm1_ vergilYrin vY s>sial s1>rta ay1rmalar1n1n cYmi mYblYinin yeni yarad1lm1_ dYyYrdY xsusi Ykisini ifadY edir. Bu zaman mxtYlif tYsYrrfat subyektlYri n nisbi vergi yknn mqayisYsi zaman1 YlavY >lunmu_ dYyYrin deyil, yeni yarad1lm1_ dYyYr gstYricisinin gtrlmYsi vY iqtisadi tYhlilin predmetindYn DM-un tYrkib hissYsi kimi am>rtizasiya ay1rmalar1n1n nYzYrY al1nmamas1 mYqsYdYuyun hesab edilir. Yeni yarad1lm1_ dYyYrY nisbYtYn hesablanm1_ nisbi vergi yk gstYricisi DM-un hYcminY nisbYtYn hesablanm1_ anal>ji gstYricidYn YhYmiyyYtli dYrYcYdY yksYkdir. Bu da hYmin vergi vY s1>rta ay1rmalar1 mYblYlYrinin daha dar iqtisadi baza ilY mqayisY edilmYsi ilY YlaqYdard1r. MYssisYlYrin mvcud maliyyY vYziyyYtindY vY respublikada sahibkarl1q fYaliyyYtinin inki_af1n1n mvcud istiqamYtindY respublikam1zda yeni yarad1lm1_ dYyYr Ysas1nda hesablanm1_ nisbi vergi yk gstYricisinin 35-40 % sYviyyYsindY >lmas1 daha mYqsYdYuyundur. 0qtisadiyyat1n apar1c1 sahYlYrindY daha yksYk vergi yk nYinki sahibkarl1q aktivliyinin qar_1s1n1 al1r vY hYtta mYssisYlYrin maliyyY vYziyyYtini pislY_dirir vY istehsal1 getdikcY zYiflYdir. BelYliklY, qeyd >lunan met>d>l>giyan1n stnly >ndad1r ki, >, sahibkarl1q fYaliyyYtinin k>nkret sahYsi n makr> vY mikr>sYviyyYdY nisbi vergi yk gstYricisinin zamana grY dinamikas1n1n tYhlil edilmYsinY imkan vermYklY yana_1, hYm dY istYnilYn tYsYrrfat subyektindY nisbi vergi yknn mqayisYsi n dY istifadY >luna bilYr. Vergi siyasYt1 dvlYt tYrYfindYn vergi sahYsindY cYmiyyYt qar_1s1nda duran bu vY ya digYr vYzifYlYrin yerinY yetirilmYsinY ynYldilmi_ tYdbirlYr sistemidir. Mvcud >lan iqtisadi, siyasi, milli vY digYr fYrqlYrY baxmayaraq hYr bir dvlYtin vergi siyasYt1 >nunla mYyyYn >lunur ki, dvlYt z ictimai tYkrar istehsal1n fYal i_tirak1s1na evrilmi_dir. Bundan ba_qa, dvlYtin mhm qayYlYrindYn biri cYmiyyYt qar_1s1nda duran iqtisadi vY s>sial vYzifYlYrin tYnzimlYnmYsidir ki, bu da vergi siyasYt1nin f>rmala_mas1na z tYsirini gstYrir. Vergi siyasYt1nin mYqsYd vY vYzifYlYri k>nkret iqtisadi _YraitdYn as1l1d1r. MYqsYd vY vYzifYlYr mYyyYn edildikdYn s>nra dvlYt >nlar1n hYyata keirilmYsi sullar1n1 i_lYyib haz1rlay1r. Bu vY ya digYr suldan istifadY edilmYsi k>nkret vYziyyYtdYn as1l1d1r. DvlYtin vergi siyasYt1 mvafiq n>rmativ aktlar1n qYbul edilmYsi y>lu ilY hYyata keirilir. Vergi siyasYt1nin uzunmddYtli mYqsYdlYri z Yksini vergi d>ktrinas1nda tap1r. HYmin d>ktrina bir qayda >laraq, iqtisadi vY maliyyY siyasYt1nin tYrkib hissYsi kimi vergi siyasYt1nin mumi prinsip, n>rma vY qaydalar1n1 Yks etdirir, vergi qanunvericiliyinin Ysas1n1 tY_kil edir. Vergi d>ktrinas1 hYr hans1 bir dvlYtin uzunmddYtli dvr n vergi siyasYt1nin a_a1dak1 apar1c1 istiqamYtlYri mYyyYn edir: lkYnin vergi sistemindY vergilYrin r>lu, >nlar1n DM-a nisbYti; birba_a vY d>lay1 vergilYrin nisbYti, ayr1-ayr1 sahYlYrdYn, Yhali tYbYqYlYrindYn al1nan vergilYrin s>n hYddi; y11m vY investisiyalar n vergi rejimi, mYssisYlYrdYn al1nan mYnfYYt vergisinin fiskal sistemdY yeri, vergi >rqanlar1n1n vergi sahYsindY dzYli_lYr etmYk sYlahiyyYtinin hdudu vY s. lkYmizdY vergi d>ktrinas1 znn f>rmala_ma mYrhYlYsindYdir. BYzYn dvlYtin vergi sahYsindY izafi z>rak1l11 zn gstYrir. Bu da z istifadYsini dvlYtin znn vergitutma sahYsindY q>yduu prinsip vY qaydalar1 mYyyYn hallarda p>zmas1nda tap1r. DvlYt tYrYfindYn >yun qaydalar1n1n p>zulmas1na bYzYn >nunla bYraYt qazand1rmaa al1_1l1r ki, hYmin dvlYt fiskal sahYdY suverenliyY malikdir. Bu isY vergi >rqanlar1 tYrYfindYn qanunlara zidd >lan vergi siyasYt1nin hYyata keirilmYsindY zn gstYrY bilYr. 23 aprel 2002-ci ildY Ulu ndYrimiz HeydYr liyevin milli sahibkarlarla gr_ndY bu sahYdY ciddi nqsanlar1n mvcud >lduu a_kar edildi vY >nlar1n aradan qald1r1lmas1 n xsusi tYdbirlYr grld. AzYrbaycan hkumYti mummilli liderin Biz bazar iqtisadiyyat1n1 vergi y>lu ilY tYnzimlYmYliyik prinsipini Ysas tutaraq vergi siyasYt1ndYn lkYdY sahibkarl11n inki_af1 n evik bir alYt >laraq istifadY edir. gYr mstYqilliyimizin ilk illYri ilY mqayisY etsYk grYrik ki, lkYdY vergilYrin say1 14-dYn 9-a endirilib, s>n illYrdY mYnfYYt vergisinin dYrYcYsi , DV-nin sYviyyYsi , gYlir vergisinin maksimal dYrYcYsi xeyli a_a1 sal1n1b. Haz1rda lkYmiz s>sial ynml iqtisadiyyat1n yarad1lmas1 istiqamYtindY mYqsYdynl i_lYr apar1r. Vergi sistemindY apar1lan islahatlar1n da Ysas mYqsYdlYrindYn biri lkY iqtisadiyyat1n1n btn sahYlYrinin p>tensial imkanlar1ndan istifadYnin sYmYrYliliyini art1rmaq, >nlar1n dinamik inki_af1n1 tYmin etmYk, kiik vY >rta sahibkarl11n f>rmala_mas1, mumYn iqtisadi sistemdY i_gzarl11, evikliyi, tY_Ybbskarl11 stimulla_d1rmaqd1r. Buna grY dY vergi ykn a_a1 salmaqla yana_1, hkumYt vergi siyasYt1nin mYhz bu aspektlYrindYn geni_ istifadY edir. MYsYlYn, 1999-cu ildYn kYnd tYsYrrfat1 istehsal1lar1n1n t>rpaq vergisi istisna >lmaqla, demYk >lar ki, btn vergilYrdYn azad edilmYsi bu sahYdY i_gzar fYaliyyYti nYzYrY arpacaq dYrYcYdY fYalla_d1rm1_d1r. TYtbiq >lunan vergi tYtilinin msbYt nYticYlYri gz nndYdir. MYhz bu tYtillYr nYticYsindY kYnd tYsYrrfat1 sahYsinin srYtli inki_af1n1 nYzYrY al1b, bu vergi tYtilinin yenidYn, 2015-c ildY daha 5 illiyY uzad1lmas1 nYzYrY al1nd1. Vergi siyasYt1nin bu iqtisadi funksiyalar1n1n daha da geni_lYndirilmYsi, vergi dYrYcYlYrinin >ptimal hYddYdYk azald1lmas1, vergi tYtillYrinin tYtbiqi imkanlaran1n ara_d1r1lmas1 kimi mddYalar AzYrbaycan Respublikas1nda s>sial-iqtisadi inki_af1n srYtlYndirilmYsi tYdbirlYri haqq1nda AzYrbaycan Respublikas1 Prezidentinin FYrman1nda vY AzYrbaycan Respublikas1 regi>nlar1n1n s>sial-iqtisadi inki_af1n1n DvlYt Pr>qramm1nda da z Yksini tap1b. Bu qanunvericilik aktlar1 vergi siyasYt1nin tYnzimlYyici, stimulla_d1r1c1 vY yaranm1_ iqtisadi situasiyalara daha fYal mdaxilY vasitYsinY evrilmYsini _YrtlYndirYn pr>qram sYnYdlYridir vY bir daha vergi siyasYt1nin dvlYtin regi>nlar1n inki_af pri>ritetlYrini tYnzimlYyYn tYdbirlYr k>mpleksinin tYrkib hissYsi >lduuna dYlalYt edir. Vergi siyasYt1 vergi dYrYcYlYrinin a_a1 sal1nmas1 vY vergi gzY_tlYrinin azald1lmas1 hesab1na vergitutma bazas1n1n geni_lYndirilmYsinY, iqtisadiyyata investisiya q>yulu_unun stimulla_d1r1lmas1na, hquqi _YxslYrlY fYrdi sahibkarlar, rezident vY qeyri-rezident vergi dYyijilYri aras1nda vergi yknn bYrabYrlY_dirilmYsinY, kiik vY >rta sahibkarl1q, biznes fYaliyyYti n Ylveri_li _Yraitin yarad1lmas1na vY s>n nYticYdY mvcud iqtisadi p>tensial1n art1r1lmas1na, Yhalinin maddi rifah1n1n yksYldilmYsinY ynYldilmi_dir. Vergi siyasYt1nin sYmYrYliliyi dvlYtin >nu hans1 prinsiplYr Ysas1nda hYyata keirmYsindYn YhYmiyyYtli dYrYcYdY as1l1d1r. AzYrbaycan Respublikas1nda vergi siyasYt1 a_a1dak1 prinsiplYr nYzYrY al1nmaqla hYyata keirilir: -vergi sisteminin n>rmativ-hquqi bazas1n1n yarad1lmas1, vergi mYdYniyyYtinin f>rmala_d1r1lmas1, m>dernlY_dirilmi_ istehsal-mlkiyyYt sistemi Ysas1nda sabit iqtisadi art1m n _Yrait yarad1lmas1; -vergi siyasYt1nin mvcud vYsaitlYrin yenilik vY dYyi_ikliklYrin hYyata keirilmYsinY ynYldilmYsi; -vergi dYyijilYrinin fYaliyyYti n Ylveri_li _Yraitin yarad1lmas1 vY vergi dYyijilYrinin hquqlar1n1n maksimum q>runmas1; -vergi yknn >ptimal sYviyyYdY azald1lmas1; -vergi sisteminin idarYetmY >rqanlar1n1n fYaliyyYtinin Respublikan1n digYr dvlYt >rqanlar1 vY qeyri-dvlYt tY_kilatlar1n1n fYaliyyYti, elYcY dY lkYnin iqtisadi mhiti ilY YlaqYlYndirilmYsi vY vergi siyasYt1ni hYyata keirYn >rqan vY _YxslYrin sYlahiyyYtlYrinin AzYrbaycan Respublikas1n1n Vergi MYcYllYsinY vY digYr qanunvericilik aktlar1na uyun tYnzimlYnmYsi; -dvlYt vergi xidmYti >rqanlar1 YmYkda_lar1n1n fYaliyyYti n Ylveri_li _Yraitin yarad1lmas1, >nlar1n s>sial mdafiYsinin tYmin >lunmas1; -mvcud vergi sistemindY t>planm1_ tYcrbYnin mtYrYqqi Ysaslar1n1 saxlamaqla, mstYqil AzYrbaycan Respublikas1n1n strateji mYqsYdlYrini hYyata keirmYyY qadir >lan intellektual p>tensial1n f>rmala_d1r1lmas1nda inki_af etmi_ lkYlYrin vergi sisteminin zn d>rultmu_ tYcrbYsinin istifadY >lunmas1; -sahibkarl1q vY investisiya fYall11n1 tY_viq edYn, sadY vY vergi dYyijisi tYrYfindYn ba_a d_lYn vergi sisteminin yarad1lmas1; -vergi qanunvericiliyinY YmYl edilmYsinin praktiki cYhYtdYn rahat >lmas1 vY minimum inzibati xYrjlYr cYlb etmYsi n mvafiq _Yraitin yarad1lmas1. AzYrbaycanda apar1lan vergi islahatlar1n1n Ysas istiqamYtlYrindYn biridY vergi dYrYcYlYrinin >ptimalla_d1r1lmas1, ba_qa szlY a_a1 salmas1 >lmu_dur. HYqiqYtYn, vergi dYrYcYlYrinin a_a1 salmas1, mYsYlYn, YlavY dYyYr vergisinin 18%-Y, mYnfYYt vergisini 20%-Y vY s. dzgn istiqamYt >lmu_dur. Aksiz vergisinin, fiziki _YxslYrin gYlir vergisinin, Ymlak vergisinin, y>l vergisinin tYdbiqindY dY mYyyYn dYyi_iliklYr edilmi_dir. Hal-hazrda k1, vYziyyYti vergi dYrYclYrindY >la bilYcYk dYyi_iliklYri, yYni vergi dYrYcYlYrinin >ptimalla_d1r1lmas1n1n tYhlil etmYyY al1_aq. HYr bir dvlYt vergisinin tYdbiqinin vY vergi dYrYcYlYrinin hans1 istiqamYtY dYyi_dirilmYsinin vacib >lduunu _Yrh etmYk mhm YhYmiyyYt kYsb edir. Fiziki _YxslYrin gYlir vergisinin tYdbiqindY bir s1ra dYyi_iliklYr edilmi_dir. Fiziki _YxslYrin gYlir vergisindY differensasiya saxlan1lmaqla >x _kalal1q sistemdYn iki _kalal1q sistemin tYdbiqinY keirmi_dir. Ax1r1nc1 dYyi_iklikdY az YmYk haqq1 >lanlara tYdbiq >lunan 12% - lik vergi lYv edilmi_dir. Haz1rda fiziki _Yxsin Ysas i_ yerindY hYr hans1 muzdlu i_lY YlaqYdar YldY edilYn ayl1q gYliri 2500 manatadYk >lduqda, lkY zrY ya_ay1_ minimumunun 1 misli (136 manat) vergidYn azadd1r, yerdY qalan mYblY 14%-lY vergiyY cYlb edilir. 2500 manatdan >x alan mYblY isY 25%-lY vergiyY cYlb edilir. FikirimizcY, bu dYyi_iklik vergi siyasYt1 ilY ziddiyyYt elY >lmal1d1r ki, verginin a1rl11 kas1b Yhali tYbYqYsindYn, varl1 tYbYqinin zYrinY istiqamYtlYnsin. MYsYlYn: AB^-da Yhalinin 0.1%-ni tY_kil edYn zYngin Yhali dYnilYn vergilYrin 37%-ni dYyir. Yuxar1da geyd edilYnlYri nYzYrY alaraq, fiziki _YxslYrin gYlir vergisinin tYdbiqinY _kalal1 vergitutman1n tYtbiq edilmYsi mYqsYdYuyun hesab edilir. BelY bir tYklif edilir: 1000 manatadYk YmYk haqq1 alanlardan 136 manat 1x1ld1qdan s>nra, yerdY qalan mYblY 12%-lY vergiyY cYlb edilmYsi daha mYqsYdYuyun >lard1. 1000 manatdan 2500 manata qYdYr YmYk haqq1 alandan, 1000 manata qYdYr 12%-lY, 1000 manatdan 2500 manata qYdYr >lan mYlYi 14%-lY, 2500 manatdan yuxar1 >lan mYlYi 30%-lY vergiyY cYlb edilmYsi fikrimizcY daha YdalYtli >lard1. MYnfYYt vergisinin vergi dYrYcYsindY 20%-li vergi masir dvr m >ptimal hesab edilir. Lakin, regi>nlar1n inki_af1, investisiyaya cYlbediciliyini art1rmaq mYqsYdilY srYtli am>rtizasiya vY digYr vergi kreditindYn istifadY etmYk mYqsYdY uyun hesab edilir. MYnfYYt vergisinin hesablanmas1 met>dikas1nda regi>nlar zrY fYrqli cYhYtlYr tYdbiq etmYk >lar. MYsYlYn, am>rtizasiyan1n hesablanmas1nda ma_1n vY avadanl1lar1n am>rtizasiya n>rmalar1n1n art1r1lmas1 mYqsYdYuyun >lard1. lavY dYyYr vergisinin dYrYcYsinin a_a1 sal1nmas1 haqq1nda s>n zamanlar >x sz-shbYt gedir. mumiyyYtlY, vergi dYrYcYlYrinin a_a1 sal1nmas1 he dY hYmi_Y dzgn nYticYlYrY gYtirib 1xarm1r. DvlYt bdcYsinin zYyiflYmYsinY vY s. fYsadlar trYdir. Vergi siyasYt1ndY al1c1l1q gabiliyyYti a_a1 >lan lkYlYrdY d>lay1 vergilYrlY birba_a vergilYrin nisbYtinY xsusi fikir vermYk tYlYb >lunur. 0nki_af etmYkdY >lan lkYlYrdY stnlk birba_a vergilYrY verilmYlidir. NYzYrY alsaq ki, dvlYt bdcYsinin 22-24%-i DV-nin hesab1na f>rmala_1r, ancaq Ymlak vergisi , t>rpaq vergisi, mYdYn vergisinin dvlYt bdcYsinY vergi daxil>lmalar1nda xsusi Ykisi >x a_a1 bir faizdir, belY siyasYt AzYrbaycan iqtisadiyyat1 n mYqbul hesab edilmYmYlidir. Sahibkarlar DV-nin yksYk >lmas1ndan _ikayYtlYnirlYr. nun a_a1 sal1nmas1n1 tYklif edirlYr, tYqribYn 15%-Y. VerqilYr Nazirliyinin YmYkda_lar1 isY YlavY dYyYr verkisinin YvYzlY_dirilmYsini n plana YkirlYr. MYlumdurki btn vergi dYyijilYri DV-nin dYyijilYri deyil vY ya bankda hesabla_ma hesab1 y>xdur. DV-nin dYyijisi >lmayan vergi dYyijilYri isY elektr>n hesab-faktura verY bilmirlYr. Bu kimi hallarda mumi dvriyyYyY hesablanm1_ DV-niYvYzlY_dirmYk mmkn >lmad11 n , DV mYhsulun qiymYtini art1r1r, bununlada al1c1lar1n bir hissYsi q>n_u lkYlYrY istiqamYtlYnirlYr. MYsYlYn: q>n_u Rusiyya, Grcstan vY 0ranla sYrhYddYki vYziyyYt dY he dY > qYdYr x>_a gYlYn deyi. Bu kimi hallarda DV-ni tYdbiqindYki gsurlar sYbYb kimi gstYrilY bilYr. FikirimizcY, DV-nin tYdbiqindY differensialla_m1_ dYrYcYlYrinin tYdbiqi mhm YhYmiyyYt kYsb edir. MYsYlYn, gndYlik tYlYb >lunan Yrzaq mYhsullar1na, u_aq geyimlYrinY, dYrmanlara, mYnzil tikintisinY a_a1 dYrYcYlY DV tYtbiq etmYk, bYzilYrindY isY DV-nin tYdbiqini tamamilY lYv etmYk mYqsYdYuyun hesab edilir. MYnzil tikintisinY tYdbiq edilYn DV-nin vergi dYrYcYsi dnyan1n hec bir yerindY y>xdur, stYlik sadYlY_mi_ vergi, gYnclYr necY ev almal1d1r. Bir tYrYfdYn ip>teka, digYr tYrYfdYn yksYk DV dYrYcYsi, parad>ks. Aksiz vergisi zrY s>n illYrdY edilYn dYyi_iliklYr tYdqirYlayiqdir. Aksiz vergisinY daha >x mallar1n cYlb edilmYsi mhim YhYmiyyYt kYsb edir. MYsYlYn: >vuluq, bal1q1l1qla YlagYdar istifadY >lunan mallar1n da aksiz vegisinY cYlb >lunmas1 mYqYsYdYmvafiq hesab edilir. na mYslYhYt bilinir. mlak vergisinin tYdbiqindY s>n illYrdY edilYn dYyi_iklik geikmi_ >lsada, mhm YhYmiyyYt kYsb edir. vvYlYr fiziki _YxslYrin Ymlak vergisinin t>planmas1nda >xlu pr>blemlYr mvcud idi. nlardan biri dY vergitutma bazas1n1n mYyyYn edilmYsi idi. 0nventar giymYti ilY giymYtlYndirmY m_gl mYsYlY idi, >xlu sayda mbahisYli mYsYlYlYr >rtaya 1x1rd1. Indi isY k>nkret >laraq hYr m2-na 0.40 manat vergi mYyyYnlY_dirilmi_dir. Z>nalar zrY Ymssallar da nYzYrY almaq _Yrti ilY. Burada mhm YhYmiyyYt kYsb edYn mYsYlYlYrdYn biri vergilYrin kim tYrYfindYn t>planmas1d1r. Mvcud qanunvericiliyY YsasYn fiziki _YxslYrin Ymlak vergisinin bYlYdiyyYlYr t>play1r. nlar da t>plad1qlar1 vergi haqq1nda he kimY hesabat vermir vY he bir i_ grmrlYr. CYnab prezident demi_kYn:  Saxta sYnYd vermYklY mY_uldurlar . mlaka sYnYdlYr icra hakimiyyYtlYri tYrYfindYn verilir. NYzYrY alsaq ki, AzYrbaycanda 1mln-a qYdYr sYnYdsiz ev var, >nlardanda bYlYdiyyYlYr vergi ala bilmirlYr. mumiyyYtlY, praktika gstYrir ki, bYlYdiyyYlYr vergini t>plamaqda >xlu sayda pr>blemlYrlY zlY_ir. DemYli, yuxar1da qeyd edilYn hYr iki istiqamYt tYlYb edir ki, fiziki _YxslYrin Ymlak vergisinin t>planmas1 vergilYr nazirliyinY vY ya icra hakimiyyYtinY hYvalY edilsY daha mYqsYdYuyun >lard1. nki, belY >lduqda sYnYdsiz evlYr sYnYdlY_YrYk vergiyY cYlb edilirlYr. NYticY etibar1 ilY fiziki _YxslYrin Ymlak vergisi dvlYt bdcYsinY vergi daxil >lmalar1nda xsusi Ykisi 6-7%-Y qYdYr >lar. Bu da dnya praktikas1na uyundur. Fiziki vY hquqi _YxslYrin kYnd tYsYrrfat tYyinatl1t>rpaqlar1n t>rpaq vergisinin t>planmas1nda >xlu pr>blemlYr mvcuddur. KYnd tYsYrrfat tYyinatl1 t>rpaqlara tYtbiq edilYn vergi hYm fiskal funksiyan1 yerinY yetirmYli, hYm dY t>rpaqlardan sYmYrYli istifadY pr>blemini hYll etmYlidir. Lakin, verginin >x a_a1 dYrYcYlYrlY tYdbiqi hYr iki funksiyan1 yerinY yetirmYyY imkan vermir. T>rpa vergisinin dvlYt bdcYsinin vergi daxil>lmalar1nda xsusi Ykisi >x a_a1d1r. T>rpaqlardan sYmYrYli istifadYdYn dan1_maq da absurddur. gYr vergi z iqtisadi mYzmununu hYyata keirY bilmirsY, belY verginin tYtbiqi kimY laz1md1r vY ya >nun tYtbiqi xsusiyyYtlYri dYyi_dirilmYlidir. KYnd tYsYrrfat tYyinatl1 t>rpaqlara t>rpaq vergisinin dYrYcYsi dYfYlYrlY art1r1lmal1d1r. BYzi iqtisad1 alimlYrin fikirincY, bu kYnd tYsYrrfat1 mYhsullar1n1n qiymYtini art1rar.Buda kYnd tYsYrrfat1nda iqtisadi fYall11 a_a1 salar.gYr kYnd tYsYrrfat1na mnasibYtdY dzgn iqtisadi siyasYt yeridilYrsY t>rpaq vergisinin art1r1lmas1 hedY mYnfi nYticYlYrY gYtirib 1xarmaz. FikrimizcY, bu siyasYt t>rpaq vergisinin fiskal funksiyan1 yerinY yetirmYyY svq edYr vY t>rpaqlardan sYmYrYli istifadYni hYyata keirYr. HYtda istifadYsiz t>rpaqlara daha yksYk dYrYcYlYrlY vergi tYtbiq etmYk mYqsYdYuyundur ki, >nlardan istifadY etsinlYr. T>rpaq vergisinin t>planmas1 da icra hakimiyyYtinY hYvalY edilmYsi mYslYhYtdir. Y>l vergisinin dYyijilYri VergilYr MYcYllYsinin 209-cu maddYsindY qeyd edildiyi kimi,  ...habelY AzYrbaycan Respublikas1n1n YrazisindY avt>m>bil benzinin, dizel yanaca1n1n vY maye qaz1n istehsal vY ya idxal1 ilY mY_ul >lan _YxslYr y>l vergisinin dYyijilYridir . Grndy kimi, avt>m>bil benzinin, dizel yanaca1n1n vY maye qaz1n istehsal1s1n1n vY idxal edYnin avt>m>bil y>llar1n1n istismar1 vY istifadYisi ilY birba_a YlaqYsi y>xdur. na grY dY y>l vergisinin iqtisadi mYzmunu ilY uyunla_m1r. Avt>m>bil y>llar1ndan istifadY edYnlYr y>l vergisinin dYyijisi >la bilYr. Vergi MYcYllYsindY bunun dzYldilmYsinY by ehtiyac duyulur. SadYlY_dirilmi_ verginin dYyijilYri s1ras1ndan bina tikintisi ilY mY_ul >lan _YxslYrin 1xar1lmas1 daha mYqsYdYuyun >lard1. nki >nsuzda AzYrbaycanda evlYrin qiymYti digYr lkYlYrlY mqayisYdY yksYkdir.TikintiyY tYtbiq edilYn sadYlY_dirilmi_ vergi dY bir tYrYfdYn mYnzillYrin qiymYtini qald1r1r. 1.2.Vergitutman1n nYzYri-met>d>l>ji Ysaslar1 Masir _YraitY uyun, sYmYrYli tY_kil >lunmu_ vY dYqiq fYaliyyYt gstYrYn vergi sistemi 0qtisadiyyat1n inki_af1nda gcl stimul r>lu >ynamaqla, lkYnin bir >x s>sial  0qtisadi pr>blemlYrinin hYllinY kmYk edir. BelY ki, respublikadak1 iri biznesin vY fYrdi _YxslYrin YmanYtlYrinin investisiyaya ynYldilmYsinY _Yrait yaratmaqla yeni i_ yerlYrinin ac1lmas1 vY i_sizliklY mbarizY aparmaqda mhm r>l >ynay1r. Elmi  texniki tYdqiqat i_lYrinin, fundemental tYdqiqatlar1n stimulla_d1r1lmas1 y>lu ilY respublikada istehsal >lunan mYhsullar1n rYqabYtliliyinin tYmin edilmYsi vY pr>teksi>nist siyasYt1 yeritmYklY kapital1n sahY vY Yrazi ax1m1n1 tYmin edir. Bundan ba_qa, xarici kapital1n i_tirak1 ilY m_tYrYk mYssisYlYrin yarad1lmas1n1 tYmin etmYk vY Yhalinin btn tYbYqYlYrinin s>sial tYlYblYrinin dYnilmYsinin tYmin edilmYsinY _Yrait yarad1r. Qeyd etmYk laz1md1r ki, hYr bir lkYdY tYbiq edilYn vergi mYzYnnYsi cYlb >lunma vahidindYn tutulan vergi lsdr. Vergi praktikas1nda tYtbiq >lunan mYzYnnYlYr mxtYlifdir. nlar vergilYrin nvndYn vY apar1lan vergi siyasYt1nin mYqsYdlYrindYn as1l1d1r. TYcrbYdY pr>qressiv, pr>p>rsi>nal, reqressiv vY digYr anal>ji mYzYnnYlYr fYrqlYndirilir. VergilYrin hesablanmas1 texnikas1ndan as1l1 >laraq >rtahesabl1, >rtaYkili, yuvarlaqla_d1r1lm1_ mYzYnnYlYr vard1r. BYzi vergi met>dikalar1 vergilYrin hesablanmas1nda xsusi imkanlar1n tYtbiq edilmYsinY Ysaslan1r: pillYli, sr_kYn, pr>qressiv vY s. nlarda vergi mYzYnnYlYri cYlb>lunma >byektinin vY vahidinin dYyi_mYsi ilY bal1d1r. lkYmizdY sahibkarl11n inki_af1 cn YlavY dYyYr vergisinin (DV) xsusilY mhm YhYmiyyYti var. nun dYrYcYsinin sYviyyYsini respublikam1z cn bir >x cYhYtdYn n>rmal hesab etmYk >lar. Btn lkYlYrdY mvcud s>sial  0qtisadi sistemdY vergilYr xsusi yer tutur, dvlYt qar_1s1nda duran vYzifYlYrin yerinY yetirilmYsindY, lkYnin daxili vY xarici tYhlkYsizliyinin q>runmas1nda, maarifin, sYhiyyYnin vY digYr sahYlYrin infrastrukturunun inki_af etdirilmYsindY vergi sistemi iki cYhYtdYn mhm YhYmiyyYt kYsb edir: 1) hYmin mYqsYdlYrY nail >lmaq n bdcY vYsaiti f>ndlar1n1n f>rmala_mas1nda; 2) bu sahYlYrin inki_af etdirilmYsinin stimulla_d1r1lmas1nda, Yhalinin bunun n hYvYslYndirilmYsindY. Bu mYsYlYlYrin hYlli vergi sisteminin xsusiyyYtlYrindYn, >nun dYrYcYlYrindYn hYrtYrYfli as1l1 >lur. DvlYt vergi mexanizminin xsusiyyYtlYrini elY semYli, >nun i_ini, vergi intizam1n1 elY tYnzimlYmYlidir ki, hYm xYzinYnin gYlir hissYsi tYmin >lunsun, hYm dY istehsal vY qeyri  istehsal (s>sial  0qtisadi) sahYlYrin inki_af1 hYvYslYndirilsin; btn hquqi vY fiziki _YxslYrin z biznes i_ini inki_af etdirmYklY yana_1, YdalYtli prinsiplYr Ysas1nda vergilYr dYnilsin vY hYm dY >nlar1n vergidYn yay1nmas1n1n qar_1s1 al1ns1n. lkY bdcYsinin f>rmala_mas1 vY qar_1da duran vYzifYdYri hYll etmYk n dvlYtin dzgn siyasYt1 mhm r>l >ynay1r. BelY ki, dvlYt z fYaliyyYti nYticYsindY lkYnin s>sial  0qtisadi vY mdafiY xarakterli pr>blemlYrin hYlli tYdbirlYrini maliyyYlY_dirmYk n bdcYyY kifayYt qYdYr pul vYsaitinin t>planmas1n1 tYmin edir. lkYnin 0qtisadi strukturunun f>rmala_d1r1lmas1 zaman1 0qtisadiyyat1n s>sial ynml >lmas1 n laz1mi struktur dYyi_ikliklYrini hYyata keirir. Bundan ba_qa, i_gzarl1q vY sahibkarl1q i_ini stimulla_d1rmaq, investisiyalar1n artmas1 n maddi maraq yarad1lmas1 mYqsYdilY vergi mexanizminin vY vergi sisteminin tYnzimlYnmYsi i_indY laz1mi tYkmillY_dirmYlYr apar1r [6,8,12]. Inki_af etmi_ lkYlYrin tYcrbYsi gstYrir ki, hYr bir verginin nisbYtYn az, lakin vergilYrin >xnvll >lmas1 daha mnasib bir f>rmad1r. D>rudur, u>t i_indY bu >xnvllk mYyyYn YtinliklYr yarad1r, lakin s>sial YdalYt prinsipindY vY kYmiyyYtcY az >lmas1nda daha Ylveri_li >lmaqla, z kYmiyyYti ilY naraz1l1q yaratm1r, verginin a1rl11 daha geni_ tYdiyYilYr zYrinY d_r, bununla da vergi yk nisbYtYn azalm1_ >lur. Vergi sisteiminin vY vergi siyasYt1nin mhm amillYrindYn biri dY >ptimal vergi yknn seilmYsindYn ibarYtdir. Bu sahYdY dnya vergi tYcrbYsinin istifadY etdiyi Laffer Yyrisinin tYlYblYrini yada salmaq diqqYtYlayiqdir. XX Ysrin ikinci yar1s1nda pr>f. A.Laffer tYrYfindYn mYyyYnlY_dirilmi_ bu riyazi qaydaya YsasYn, vergi dYrYcYlYrinin yaln1z mYyyYn hYddY qYdYr yksYldilmYsi daxil>lmalar1n artmas1na imkan verir, bu hYddin keilmYsi isY vergi daxil>lmalar1n1n azalmas1na, bunun z>rla >xald1lmas1 cYhdlYri meydana 1x1r, bu da z nvbYsindY s>sial gYrginlik, naraz1l1qlar yaranmas1na sYbYb >lur. Keid 0qtisadiyyat1 _YraitindY vergi sisteminin f>rmala_mas1 vY tYkmillY_dirilmYsi elY istiqamYtdY apar1lmal1d1r ki, lkYmizdY bYrqYrar >lan bazar 0qtisadiyyat1 sisteminin mhkYmlYnmYsinY xidmYt gstYrsin. Ba_qa szlY, vergi sisteminin s>sial  0qtisadi aspektinin dvlYt tYrYfindYn tYnzimlYnmYsi azad sahibkarl1q sisteminin mhkYmlYnmYsinY vY tYkmillY_dirilmYsinY xidmYt gstYrmYlidir. nki sahibkarl1q fYaliyyYti bu sistemin Ysas1n1, bu fYaliyyYtlY mY_ul >lan mYssisYlYr, kYndli (fermer) tYsYrrfatlar1, m_tYrYk vY xarici investisiyal1 mYssisYlYr, bircalar bu sisteminin atributiv elementlYri hesab >lunur. lkYdYki vergi sistemi >nlar1n fYaliyyYtini stimulla_d1rmal1, yeni yarad1lan mYssisYlYrdY keyfiyyYtli mYhsul istehsal1na, laz1m gYldikdY e_idlYrin dYyi_dirilmYsinY, yaxud geni_lYndirilmYsinY 0qtisadi stimul yaratmal1d1r. Bu sahYdY respublikam1zdak1 mnasib >rqanlar1n istifadY edY bilmYsi n geni_ dnya tYcrbYsi mvcuddur. Haz1rk1 dvr n sYmYrYli hesab >lunan vergi sisteminin mhm mexanizmlYrindYn biri dY vergilYrin mxtYlif YlamYtlYrinY, xarakterik xsusiyyYtlYrinY vY nvlYrinY grY qrupla_d1r1lmas1, yaxud tYsniflY_dirilmYsidir. VergilYrin tYsniflY_dirilmYsi vergiyY cYlb>lunman1 universalla_d1rmaq, >nu mqayisYli tYhlil aparmaq mYqsYdi ilY dnya tYcrbYsinY uyunla_d1rmaq n vacib _Yrtdir. Dnya lkYlYrinin tYcrbYsi gstYrir ki, vergilYr hYr bir lkYnin 0qtisadiyyat1n1n tYnzimlYnmYsindY mhm alYt kimi 1x1_ edir. Vergiq>yma vY al1nmas1 pr>sesindY vergiq>yma >byektinin xsusiyyYtlYri nY qYdYr dzgn nYzYrY al1narsa, vergi vY >nun dYrYcYlYri, a1rl11 Ymlaka, gYlirY vY s. nY qYdYr uyun q>yularsa, >nun y11lmas1 vY s>sial nYticYlYri dY > qYdYr msbYt >lar, etiraz d>urmaz. MYsYlYn, AB^  da bu amillYri nYzYrY alaraq, 1986  c1 ildY lkY tarixindY Yn radikal vergi islahat1 keirildi ki, bu da > vaxta qYdYr mvcud >lan vergi sistemindYki haqs1zl1qlar1 aradan qald1rd1. nki hYmin YvvYlki sistemY YsasYn varl1lar1n mYyyYn hissYsi mxtYlif hquqi fYndlYrdYn istifadY edYrYk, vergi dYmYkdYn b>yun qa1r1rd1. Grndy kimi, cYmiyyYtdY vergisiz n>rmal ya_amaq mmkn >lmad11 kimi, verginin cYmiyyYtdYki vY 0qtisadiyyatdak1 tYnzimlYyici r>lunu tYkmillY_dirmYdYn, >nu mvcud _YraitY getdikcY daha adekvat etmYkdYn dY keinmYk >lmaz. AB^ kimi byk dvlYtin tYcrbYsi dY bunu bir daha sbut edir. Rus 0qtisad1s1 A.S. Bulat>v yaz1r ki, VergilYrin tYnzimlYyici r>lunun tYkmillY_dirilmYsi isY vergi dYrYcYsinin, vergi yknn (vY nvlYrinin) k>nkret >byektY uyunluunun tYmin edilmYsini tYlYb edir. Bu tYnzimlYmY eynilY ikili vergiq>ymaya da aiddir. Bir c>x lkYlYrin - AB^, Kanada, Yap>niya, Byk Britaniya, Rusiyan1n bu sahYdYki tYcrbYlYri daha >x ibrYtamizdir. VergilYrin tarixi vYziyyYtin tarixi qYdYr qYdimdir. 0ngilis iqtisad1s1 S.Parkins>nun szlYri ilY desYk Vergitutma dnyan1n z qYdYr qYdimdir. nun ilk f>rmas1 hYr hans1 bir yerli pad_ahlar1n hkmdar1n su mYnsYbinY, iki ay1n birlY_diyi yerY vY ya da y>llar1na sYdd Ykdiyi vY tacir vY sYyyahlardan y>ldan istifadYyY ,keib getmYk n dYdiklYri haqq ald11 zaman yaranm1_d1r. MYlub edilmi_ xalqdan bac-xYrac al1nmas1n1 vergitutman1n ilk f>rmas1 hesab etmYk >lar. Dinc dvrlYrdY isY vergittuman1n ilk f>rmas1 qurban verilmYsi _YklindY >lmu_dur. Qurban verilmYsi YslindY knll >lmas1na baxmayaraq qeyri-rYsmi >laraq mYcburi xarakter alm1_d1r. 0lk mtY_Ykkil vergi sistemi QYdim R>man1n vergi sistemidir. R>ma vYtYnda_lar1 z Ymlaklar1na vY ailY vYziyyYtlYrinY grY tYqdim etdiklYri YrizYyY YsasYn vergiyY cYlb >lunurdular. Grndy kimi bu YrizY hal-haz1rda tYtbin edilYn gYlir haqq1nda bYyannamYni xat1rlad1r. R>mada Ysas dvlYt vergisi >lan t>rpaq vergisi ilY yana_1 da_1nmaz Ymlak, qullar, mal-qara vY digYr >byektlYri dY vergiyY cYlb edirdilYr. DvriyyY vergisi  1%, qullarla ticarYtdYn dvriyyY vergisi  4%, vYrYsYlik vergisi  5% miqdar1nda idi. S>nrak1 dvrlYrdY btn lkYlYrdY Yn geni_ yay1lm1_ vergi f>rmalar1 t>rpaq vergisi, Ymlaka tikililYrY grY vergi, aksizlYr, k>mmunal(y11mlar) vY yerli vergilYr idi. 0ngiltYrYdY t>rpaq sahibYlri gYlirlYrinin 10%-i hYcmindY vergi dYyirdilYr. Rusiyada isY t>rpaq keyfiyyYtinY vY yerlY_diyi YraziyY grY dYrYcYyY blnrd. ZadYganlar 20-25%, ruhanilYr isY 40-45% vergi dYyirdilYr. Verginin dvlYt bdcYsinin Ysas gYlir mYnbYyinin >lmas1n1n tarixi 200 ildYn art1q deyildir. XIX YsrdYn ba_layaraq vergilYr dvlYt bdcYsinin gYlirlYrinin Ysas mYnbYyinY evrildi: mYsYlYn, 1880-c1 ildY Byk Britaniyada vergilYr dvlYt bdcYsinin 91%-ni, Rusiyada 81%-ni, 1906-1910-cu illYrdY AB^-da 91,2%-ni tY_kil edirdi. srin YvvYllYrindY vergi dYmYlYrinin 70-80%-ni d>lay1 vergilYr tY_kil edirdisY, dvlYt tYdricYn lkYnin iqtisadi inki_af1n1 nizamlama vasitYsi kimi birba_a vergilYri dY inki_af etdirmYk mYcburiyyYti ilY zlY_dirdi. Yaln1z I Dnya MharibYsindYn s>nra elmi cYhYtdYn Ysasland1r1lm1_ vergi islahatlar1 hYyata keirilmYyY ba_lan1ld1. XIX Ysr vY XX Ysrin YvvYllYrindY AzYrbaycanda mvcud >lmu_ vergilYr  birba_a vergilYrdYn, rsumlardan vY aksizlYrdYn ibarYt idi. VergilYr haqq1nda qanunlar yerli xsusiyyYtlYr nYzYrY al1nmaqla mYrkYzdYn verilir. HYmin dvrdY vergi sistemi dvlYt vergilYrindYn vY yerli vergilYrdYn ibarYt idi. DvlYt vergilYrinY  dvlYt t>rpaq vergisi da_1nmaz Ymlakdan vergi, ticarYt vY sYnaye vergisi, pul kapital1nan vergilYr vY aksiz vergilYri aid edilirdi. VergilYr zrY elmi cYhYtdYn ilk dYfY >laraq Ysasland1r1lm1_ vergi nYzYriyyYlYri XVII yz illikdYn s>nra meydana gYlmYyY f>rmala_maa ba_lam1_d1r. 0lk d>lun vergi nYzYriyyYlYrindYn , mbadilY nYzYriyyYsidir. Qeyd >lunan nYzYriyyYnin mahiyyYti >ndan ibarYtdir ki, lkYnin vYtYnda_lar1 qanunuluun asayi_in mlkiyyYt hququnun gzlYnilmYsi, ba_qa kYlYrdYn xarici mdaxilYnin q>runmas1 qar_1s1n1n al1nmas1 vY s. ilY bal1 digYr bu kimi xidmYtlYri vergilYrin vYdigYr mYcburi dYni_lYrin dYnilmYsi vasitYsi ilY dvlYtdYn al1rlar. Bu qYbildYn >lan nYzYriyyYnin ba_qa bir variant1 at>mistik nYzYriyyYdir. nun banilYri frans1z iqtisad1 alimlYri S.P.V>ban vY ^.L.Munteskye >lmu_lar. Bu alimlYrin nYzYriyyYyY grY vergi vY digYr mYcburi dYni_lYr vYtYnda_larla dvlYt aras1ndak1 mqavilYnin-mnasibYtlYrin nYticYsidir, belY ki, vYtYnda_ znn mhafizYsi, Ymlak1n1n mdafiYsi vY s. xidmYlYrY grY dvlYtY pul dYyir. He kim nY vergilYrdYn vY dig1r mYcburi dYni_lYrdYn, nY dY dvlYtin gstYrdiyi xidmYtlYrdYn bY gstYrdiyi qulluqdan imtina edY bilmYz. BelY mbadilY >na grY etibarl1, Ylveri_lidir ki, Yn bacar1qs1z dvlYt z bYtYnda_lar1n1-tYbYYlYrini >nlar1n zlYrini ayr1l1qda mstYqil surYtdY mdafiY etmYlYrindYn daha yax_1-etibarl1 mdafiY edY bilir. Bundan s>nra klassik vergi nYzYriyyYsi daha yksYk elmi-nYzYri sYviyyYyY malikdir vY ingilis iqtisad1lar1 Adam Smit, David Rikard>nun vY Uilyam Pettinin adlar1 ilY bal1d1r. ^>tladiya alimi A.Smitin vergitutmaya dair nYzYri bax1_lar1 >nun Xalqlar1n sYrvYtinin tYbiYti vY sYbYblYri haqq1nda tYdqiqat adl1 1876-c1 ild1 cap etdirdiyi YsYrindY Yks >lunmu_dur.  qeyd edirdi ki, hYr bir vYtYnda_ z gYlirlYrinY uyun >laraq YdalYtli _YkildY dvlYtin saxlan1lmas1nda bdcY dYmYlYrindY i_tirak etmYlidir. DvlYt vYtYnda_lar1n mlkiyyYt hququnu q>rumaqla azad bazar iqtisadiyyat1n1n inki_af1na _Yrait yaratm1_ >lur. Bu vYzifYlYrin funksiyalar1n yerinY yetirilmYsi n dvlYtY mYyyYn zYruri miqdarda vYsait laz1md1r ki, >nun da Ysas mYnbYyi mYcburi dYni_lYr vergilYrdir. HYr bir _Yxsin dYmYli >lduu mYcburi dYni_lYrin verginin mYblYi, dYnilmY mddYti YvvYlcYdYn qabaqcadan dYqiq mYyyYn edilmYl1d1r. BelY >lmad1qda vergi dYyijisi vergi inzibat1s1n1n hkm alt1na d_r vY vergi inzibat1s1 bundan z _Yxsi mYnfYYtini gdmYklY istifadY edY bilYr. VergilYr vY digYr mYcburi dYni_lYr hYr bir vergi dYyijisi n Ylveri_li _YraitdY- vaxtda tutulmal1d1r. David Rikard> qeyd etmi_dir ki, Vergi hYr hans1 bir lkYnin sYnaye vY t>rpa1ndan YldY edilYn gYlirin dvlYt sYrYncam1na verilYn hissYsidir. Bu hissY nYticYdY hYmi_Y millYtin kapital1 vY ya gYlirindYn dYnilir.[ 7] 0ngilis iqtisad1s1 alimi C>n Meynard Keynsin ad1 ilY bal1 >lan iqtisadiyyat1n dvlYt tYnzimlYnmYsi nYzYriyyYsi ingilic-klassik nYzYriyyYnin tam Yksidir. Bu nYzYriyyYnin Ysas mahiyyYti mYzi >ndan ibarYtdir ki, vergilYr iqtisadiyyat1 tYnzimlYmYnin Ysas alYtidir. MY_ulluq, faiz vY pullar1n mumi nYzYriyyYsi YsYrindY Keyns gstYrir ki, cYmiyyYtdY tam mY_ulluq _Yrti daxilindY iqtisadi art1m pul-kapital y11mlar1ndan as1l1 >lur. CYmiyyYtdY tam mY_ullua nail >lmaq isY hYyatda-praktiki >laraq mmkn deyil. BelY >lan halda vergil1r y11mlar iqtisadi art1ma YngYl trYdirlYr, nki istehsala tYkrar istehsala q>yulmur vY istifadY edilmYyYn passiv gYlir mYnbYyinY evrilirlYr. Bu tendesiyan1, mYnfi nYticYni aradan qald1rmaq n YlavY y11mlar1 vergilYrin kmYyi ilY geri almaq laz1md1r. XX Ysrin 50-ci illYrdY AB^-1n Cikaq> Universitetinin iqtisadiyyat pr>fess>ru Miltan Fridman tYrYfindYn >rtaya at1lan irYli srlYn m>netarizm vergi-pul nYzYriyyYsi pulun tYdavldY miqdar1 kYmiyyYti nYzYriyyYsinY Ysaslan1rd1. M.Fridman1n fikrinY grY iqtisadiyyat1n tYnzimlYnmYsini pul ktlYsinin dvriyyYsi vasitYsi ilY hYyata keirmYk >lar. Bu zaman mYcburi y11mlar vergilYr >x da YhYmiyyYtli r>l >ynam1rlar. VergilYr digYr mexanizmlYrlY bYrabYr pul dvriyyYsinY tYsir gstYrirlYr. VergilYr vasitYsi ilY art1q pul ktlYsi dvriyyYdYn 1xar1l1r. 70-80-ci illYrdY Amerika alimi K>lif>rniya Universitetinin pr>fess>ru A.Lafferin bdcY k>nsepsiyas1 daha geni_ yay1lm1_d1. TYklif iqtisadiyyat1 adlanan bu nYzYriyyYyY grY yksYk vergitutma sahibkarl1q vY investisiya fYaliyyYtinY mYnfi tYsir gstYrir vY s>n nYticYdY vergi daxil >lmalar1n1n hYcminin azalmas1na sYbYb >lur. 0qtisadiyyatda daha tez-tez mraciYt edilYn, lakin hYlY dY z hYllini tapmam1_ Ysas pr>blem vergilYrin sYviyyYsi ilY dvlYtin real gYlirlYri aras1ndak1 nisbYt mYsYlYsidir. Bu pr>blemin hYlli Liaffer Yyrisi adlanan vY vergi dYrYcYlYri ilY vergi daxil>lmalar1n1n hYcmi aras1qdak1 as1l1l11 Yks etdirYn Yyrini meydana gYtirdi. GYlirdYn bdcYyY tutulmal1 >lan verginin s>n hYddini Laffer 30 faiz sYviyyYsindY hesab edir. GYlirdYn tutulan vergi dYrYcYsi 40-50 faiz >lduqda isY, LafferY grY iqtisadi fYall1q a_a1 d_r, bu isY vergi daxil>lmalar1n1n mumi hYcmidir. 1.3 Masir dvrdY AzYrbaycan Respublikas1n1n vergi sisteminin f>rmala_mas1 xsusiyyYtlYri. VergilYrin funksiyalar1 zrY tYhlili yaln1z nYzYri deyil, hYm dY mhm praktiki YhYmiyyYt kYsb edir, nki vergilYrin y11lmas1 pr>sesindY tYmin edilmYsi zYruri >lan hYcmdY vergi daxil>lmalar1n1n dvlYt tYrYfindYn tYlYb >lunan mYblYinY Ysaslan1r. BelY ki, bu kYmiyyYtin mYyyYn edilmYsi cYmiyyYtin pul gYlirlYrinin bu vY ya digYr _YkildY vY nisbYtdY bl_drlmYsinin nYticYsidir. Bu zaman gYlirlYrin vergi f>rmas1nda bl_drlmYsi iqtisadiyyat1n btn sahYlYrindY cYmiyyYtin Ysas gYlirlYrinin bl_drlmYsinin tYrkib hissYsi kimi 1x1_ edir. Bununla da vergilYr vY vergi mnasibYtlYri zlYri zlYrinY qapanm1rlar, bir tYrkib hissY kimi cYmiyyYtdY bl_drc mnasibYtlYr sisteminY, >nun vasitYsi ilY isY btn ictimai istehsal pr>sesinY q>_ulurlar. DvlYtin >byektiv xarakter da_1yan a_a1dak1 fYaliyyYt ard1c1ll11na diqqYt yetirYk:  VH (lim  VY)  DXM DXH DGH DQVG Burada: DXM  dvlYt xYrjlYri meyar1; DXH  dvlYt xYrjlYrinin hYcmi; DGH  dvlYt gYlirlYrinin hYcmi; VH  vergilYrin hYcmi; DQVG  dvlYtin qeyri-vergi gYlirlYrinin hYcmi; (lim VY)  vergilYrin y11lmas1 _YklindY mYhdudiyyYt. FvqYladY vYziyyYtlYr dvlYti z xYrjlYrinin, demYli hYm dY gYlirlYrini, > cmlYdYn vergilYri f>rmala_d1rma1n 1-ci vY 2-ci meyarlar1na z tutmaa svq edY bilYr. DvlYtin iqtisadi pr>seslYrY cYlb edilmYsi nqteyi-nYzYrindYn 2-ci vY 3-c meyarlar >nun n mYqbuldur. DvlYt xYrjlYrinin YlavY >laraq art1r1lmas1nda ifadY >lunan 4-c meyara gYldikdY isY, >na z tutulmas1 cYmiyyYt tYrYfindYn hYr hans1 bir nYzarYt >lmadan dvlYt hakimiyyYtinin elmi cYhYtdYn Ysasland1r1lmam1_ hYrYkYtinin nYticYsidir. DvlYt iqtisadiyyat1n inki_af1 _YraitindY dvlYt xYrjlYrinin >ptimalla_d1r1lmas1 meyar1na istiqamYtlYnmYlidir. Bu meyara YmYl edlmYsi cYmiyyYt miqyas1nda a_a1dak1lar1 Yks etdirYn >ptimal vergitutman1 tYmin edY bilYr: - >nun mtlYq kYmiyyYtinY grY; - mumi daxili mYhsulun hYcmindYki pay1na grY; - dvlYtin mYcmu gYlirlYrinin tYrkibindY pay1na grY. DvlYt xYrjlYrinin hYcmindYn 1x1_ edYrYk vergilYrin mtlYq kYmiyyyYtinin tYyin edilmYsi mYyyYn etirazlara sYbYb >la bilYr. Bu etirazlar dvlYt iqtisadiyyat1n istYnilYn subyekti kimi z xYrjlYrini gYlirlYrindYn 1x1_ edYrYk tYyin etmYlidir fikrindYn irYli gYlir. DvlYt xYrjlYrinin hYcminin dvlYt gYlirlYri hYddindY mYyyYn edilmYsi fikrinin YksinY >laraq, vergilYrin mtlYq hYcmi nYzYrdY tutulan dvlYt xYrjlYrinin hYcminY Ysaslanmal1d1r fikrinin xeyrinY bir s1ra arqumentlYr irYli srmYk >lar.[6] Bazar tYsYrrfat1l11 _YraitindY fiziki _YxslYrin gYlirlYrinin vergiyY cYlb edilmYsi xsusiyyYtlYri hquqi _YxslYrin mYnfYYtinin vergiyY cYlb edilmYsi xsusiyyYtlYrindYn Ysasl1 _YkildY fYrqlYnmYmYlidir. ksYr lkYlYrdY fiziki vY hquqi _YxslYrin gYlirlYrinin vergiyY cYlb edilmYsi n gYlir vergisinin vahid m>delindYn istifadY >lunur ki, bunun da >x sadY nYzYri Ysasland1r1lmas1 var. Hquqi _YxslYr sahibkarl1q fYaliyyYtinin hYyata keirilmYsinin >nun i_tirak1lar1n1n Ymlak vY fiziki _YxslYrin gYlir hquqlar1na mYsuliyyYtini mYyyYnlY_dirYn tY_kilati f>rmas1d1r. Bu zaman vergi sistemi qanunvericiliyin y>l verdiyi btn f>rmalar n >x_ar vergitutma rejimi tYyin etmYklY fYaliyyYtin hYyata keirilmYsi f>rmas1n1n seilmYsini mYyyYn etmYmYlidir. AzYrbaycanda da fiziki _YxslYrin gYlir vergisinin vY hquqi _YxslYrin mYnfYYt vergisinin vahid bir m>delY inteqrasiyas1 pr>seslYri ba_ vermYkdYdir. Bu zn sahibkarl1q fYaliyyYtindYn YldY edilYn gYlirlYrin vergitutma bazas1n1n f>rmala_mas1n1n vahid qaydalar1nda, eyni bir mYblYin tYkrarYn vergiyY cYlb edilmYsinin y>lverilmYzliyindY bruzY verir. Btn bnlarla bYrabYr mYnfYYt vY gYlir vergilYrinin dYrYcYlYrindY nYzYrYarpacaq fYrqin >lmas1 biznesin hYyata keirilmYsi f>rmas1n1n seilmYsindY iqtisadi m>tivlYrin tYhrif >lunmas1na gYtirib 1xar1r. Bu nqteyi-nYzYrdYn respublikan1n vergi qanunvericiliyindY hYyata keirilYn islahatlar xsusilY diqqYti cYlb edir. BelY ki, AzYrbaycan Respublikas1 Vergi MYcYllYsinY 2010-cu ilin yanvar ay1n1n 1-dYn qvvYyY minYn dYyi_ikliyY YsasYn hquqi _Yxs yaratmadan sahibkarl1q fYaliyyYtini hYyata keirYn fiziki _YxslYrin vergiyY cYlb edilYn gYlirlYrindYn tutulan verginin dYrYcYsinin hquqi _YxslYrin mYnfYYt vergisinin dYrYcYsi ilY eyni sYviyyYdY tYyin edilmYsi fiziki _YxslYrin gYlir vergisinin hesablanmas1 vY dYnilmYsi met>dikas1n1n >ptimalla_d1r1lmas1 istiqamYtindY YhYmiyyYtli bir add1m kimi qiymYtlYndirilY bilYr. DeyilYnlYrdYn ba_qa fiziki _YxslYrin sahibkarl1q fYaliyyYtindYn YldY etdiklYri gYlirlYrinin vY hquqi _YxslYrin mYnfYYtinin vergiyY cYlb edilmYsi qaydalar1n1n mmkn qYdYr eynilY_dirilmYsi dY bu mYqsYdlYrY xidmYt edir. vvYlcY hquqi _YxslYrin mYnfYYt vergisinY YlavY dYyYr vergisi ilY birgY baxaq. nlara birgY baxma1n Ysas sYbYbi >ndad1r ki, YlavY dYyYr vergisi YmYk haqq1 ilY birgY YlavY dYyYrin tYrkibinY daxil >lan mYnfYYtin dY vergiyY cYlb >lunmas1n1 zndY Yks etdirir. Avr>pa lkYlYrindY >lduu kimi AzYrbaycanda da am>rtizasiya ay1rmalar1 YlavY dYyYrin tYrkibinY daxil edilir ki, bu da YlavY dYyYrin tYbiYtinY uyun gYlmir. mYk haqq1n1n vY mYnfYYtin vergiyY cYlb edilmYsi >nlar1n YlavY dYyYrin tYrkibindY YlavY dYyYr vergisinY cYlb edilmYsi ilY paralel hYyata keirilir. BelYliklY, vergi nvndY  mYnfYYt vergisindY, gYlir vergisindY vY YlavY dYyYr vergisindY tYkrar vergitumaya rast gYlinir: - mYnfYYt hYm zlyndY mYnfYYt vergisinY mYruz qal1r, bundan ba_qa YlavY dYyYrin elementi kimi daha bir dYfY vergiyY cYlb >lunur; - dYnilYn YmYk haqq1ndan hYm gYlir vergisi tutulur, hYm dY YmYk haqq1 f>ndundan s>sial s1>rtaya ay1rmalar hYyata keirilir vY eyni zamanda YlavY dYyYrin tYrkibindY hYmin mYblYlYr YlavY dYyYr vergisinY cYlb >lunur. BelYliklY, yuxar1da qeyd >lunan hallarda vergitutman1n Ysas prinsiplYrindYn biri >lan vergitutman1n birdYfYlik >lmas1 prinsipi p>zulur. 0ctimai istehsal1n vY iqtisadi art1m1n sYmYrYliliyi, dvlYtin maraqlar1 nqteyi-nYzYrindYn yaln1z dvlYt tYrYfindYn y11lan vergilYrin mYblYinin >ptimalla_d1r1lmas1 deyil, hYm dY a_a1dak1 istiqamYtlYr zrY vergi dYni_lYrinin strukturunun >ptimalla_d1r1lmas1 prinsipial YhYmiyyYt kYsb edir: - dvlYt miqyas1nda y11lan vergilYrin mumi mYblYinin vergi dYyijilYri  mYssisYlYr vY Yhali aras1nda bl_drlmYsi; - vergilYrin mumi mYblYinin >nlar1n k>nkret nvlYri zrY bl_drlmYsi. Qeyd etmYk laz1md1r ki, inki_af sYviyyYsi a_a1 >lan bir s1ra lkYlYrdY Yhalinin YksYr hissYsini kas1blar1n tY_kil etmYsinY baxmayaraq, hYddYn ziyadY var-dvlYtY malik >lan tYbYqY dY mvcuddur. halinin bu varl1 tYbYqYsini kas1b tYbYqY ilY mqayisYdY daha yksYk dYrYcYlYr tYtbiq etmYklY vergiyY cYlb etmYk >lar. Lakin vergi ykknn a1rl11 bu tYbYqYni z kapital1n1 lkYdYn 1xarmaa svq edY bilYr. FikrimizcY fiziki vY hquqi _YxslYrin vergiyY cYlb edilmYsinin >ptimal nisbYtinin tYyin edilmYsi zaman1, YvvYlcY fiziki _YxslYrin vergi dYyY bilmYk qabiliyyYti vY bunun da Ysas1nda bdcYnin mmkn vergi gYlirlYrinin hYcmi mYyyYnlY_dirilmYlidir. S>nra isY yerdY qalan mYblY hquqi _YxslYrin zYrinY keirilmYlidir. Lakin mY_ul Yhalinin YmYk haqq1 sYviyyYsinin a_a1 >lduu _YraitdY bu mYyyYn YtinliklYrY sYbYb >la bilYr. Bazar iqtisadiyyat1 _YraitindY bu ziddiyyyYt gcl vY zYif tYsYrrfat subyektlYri n eyni vergi yknn tYyin edilmYsi y>lu ilY aradan qald1r1l1r. Bu zaman gcllYr a1r vergi yknY davam gYtirilYr, >na tab gYtirmYyYn zYiflYr isY ya mflislY_irlYr, ya da z fYaliyyYtlYrini dayand1r1rlar. Bax1lan ziddiyyYtin bu qaydada hYll edilmYsi hYm cYmiyyYt, hYm dY lkY iqtisadiyyat1 n a1r mYnfi nYticYlYrY gYtirib 1xarar. RYqabYt qabiliyyYti yksYk >lan, sYmYrYli _YkildY fYaliyyYt gstYrYn vY inki_af etmYkdY >lan mYssisYlYrin maliyyY imkanlar1nda istehsal gclYrinin dvr >laraq yenilYnmYsi sYbYbindYn dvr tYrYdddlYr m_ahidY >lunur. TY_kilat1n k>mpleks texniki yenilYnmYsi, rek>nstruksiyas1 vY m>dernlY_dirilmYsi dvrlYrindY xsusi vYsaitlYr bu mYqsYdlYrY cYlb edildiyindYn hYmin mddYtdY >nlar1n vergi dYmYk qabiliyyYti mYyyYn dYrYcYdY a_a1 d_r. S>nradan yeni texnikan1n istehsal pr>sesinY cYlb edilmYsi vY >nun vasitYsilY istehsal edilmi_ mYhsulun bazarda sat1lmas1 nYticYsindY mYssisYnin vergi dYmYklY bal1 maliyyY imkanlar1 hYr hans1 bir maksimal nqtYyYdYk art1r. Bu hYdd keildikdYn s>nra mYssisYdY yenidYn rek>nstruksiya vY m>dernlY_mY i_lYrinin hYyata keirilmYsi zYrurYti ilY YlaqYdar >laraq mYssisYnin vergi dYmYk imkanlar1 yenidYn a_a1 d_mYyY ba_lay1r. Bu pr>ses peri>dik >laraq tYkrarlan1r. lkY miqyas1nda mYssisYlYrin texniki cYhYtdYn yenilYnmYsinin sahYvi dvrly dY mvcuddur. Buna uyun >laraq da iqtisadiyyat1n mxtYlif sahYlYrinin maliyyY vY vergi dYmYk imkanlar1nda bYzYn sinxr>n, bYzYn isY qeyri-sinxr>n dvr tYrYdddlYr ba_ verir. 0qtisadiyyatda bu dvrlYr bir-birini elY YvYzlYyir ki, mYyyYn dvrlYrdY lkY iqtisadiyyat1n1n maliyyY imkanlar1 vY vergi dYmYk qabiliyYti art1r, mYyyYn dvrlYrdY isY azal1r. Milli iqtisadiyyat1n vergi dYmYk qabiliyyYtinin a_a1 d_dy dvrlYrdY vergi daxil>lmalar1 dvlYtY z xYrjlYrini maliyyYlY_dirmYyY imkan verY bilYcYk hYcmdY >lmaya bilYr. Bu zaman >, ya z xYrjlYrini azaltmaq, ya da pul emissiyas1na, b>rclara, qeyri-vergi daxil>lmalar1n1n hYcmini art1rmaa z tutmaq mYcburiyyYtindY >lur. 0stehsal1n texniki yenilY_dirilmYsi hYm mYssisYnin z vYsaitlYri, hYm dY dvlYt vYsaiti hesab1na hYyata keirilYr bilYr. FikrimizcY istehsal1n texniki cYhYtdYn yenilYnmYsinin dvlYt tYrYfindYn dYstYklYnmYsi mYssisYlYrY bu mYqsYdlYr n mYqsYdli investsiya kreditlYrinin verilmYsi y>lu ilY hYyata keirilY bilYr. Vergi nvlYri zrY vergi daxil>lmalar1n1n mumi mYblYinin bl_drlmYsinin >ptimalla_d1r1lmas1na gYldikdY isY bu pr>sesi bir neY illYr zrY dvlYt bdcYsinY ayr1-ayr1 vergi nvlYri zrY daxil>lmalar1n dinamikas1n1n tYhlili Ysas1nda hYyata keirmYk >lar. 2009-2015-ci illYr zrY AzYrbaycan Respublikas1nda dvlYt bdcYsinY vergi daxil>lmalar1n1n dinamikas1 vY >nlar1n strukturu cYdvYl 1-dY Yks >lunmu_dur. 2009-2015-ci illYr zrY vergi daxil>lmalar1n1n dinamikas1 vY strukturu (mily>n manatla) CYdvYl 1 !GstYricilYr20092010201120122013201420151Fiziki _YxslYrin gYlir vergisi581,9590,2715,7813,0859,6980,2982,5vergi daxil>lmalar1nda xsusi Ykisi, %-lY16,118,322,022,415,213,111,12Hquqi _YxslYrin mYnfYYt vergisi1329,21429,82134,02252,22374,82302,92211,1vergi daxil>lmalar1nda xsusi Ykisi, %-lY21,821,822,225,050,654,149,83Hquqi _YxslYrin Ymlak vergisi66,2101,8103,9105,1125,1141,3148,2vergi daxil>lmalar1nda xsusi Ykisi, %-lY2,93,23,22,82,11,61,974Hquqi _YxslYrin t>rpaq vergisi26,235,335,330,633,135,335,4vergi daxil>lmalar1nda xsusi Ykisi, %-lY1,31,41,41,10,70,60,55Y>l vergisi16,515,228,128,724,422,322,3vergi daxil>lmalar1nda xsusi Ykisi, %-lY0,40,350,510,60,40,40,56lavY dYyYr vergisi 1180,3 1271,5 1387,71483,61723,92048,72353,5vergi daxil>lmalar1nda xsusi Ykisi, %-lY31,732,428,024,214,814,820,47Aksiz417,4452,0417,4454,6512,0740,3564,2vergi daxil>lmalar1nda xsusi Ykisi, %-lY11,77,16,18,56,07,36,98MYdYn vergisi121,9130,1129,8125,8121,5116,1116,2vergi daxil>lmalar1nda xsusi Ykisi, %-lY7,46,99,73,83,72,72,69SadYlY_dirilmi_ vergi63,665,5100,4111,4119,5153,4154,1vergi daxil>lmalar1nda xsusi Ykisi, %-lY0,41,51,61,31,11,11,110DvlYt rsumu 72,9 89,5104,8103,2123,2111,0111,1vergi daxil>lmalar1nda xsusi Ykisi, %-lY3,02,82,72,51,21,11,111Sair daxil>lmalar237,5111,8318,1517,2646,4461,9371,2vergi daxil>lmalar1nda xsusi Ykisi, %-lY3,64,42,87,84,23,44,112Yekun4113,44292,85475,06025,46663,67113,67182,0CYdvYl VergilYr Nazirliyinin rYsmi saytindYn gtrlm_ rYqYmlYr Ysas1nda mYllif tYrYfindYn tYrtib edilmi_dir.( www.taxes.g>v.az ) CYdvYl 1-dYn grndy kimi 2009-2012-c illYr YrzindY vergi daxil>lmalar1nda YlavY dYyYr vergisinin pay1 stnlk tY_kil etmi_dir. 2014-ci ilY isY hquqi _YxslYrin mYnfYYt vergisi Yn yksYk xsusi YkiyY malik >lmu_dur. MYnfYYt vergisinin xsusi Ykisinin yksYk >lmas1n1n Ysas sYbYbini srin mqavilYsi neft sazi_i YrivYsindY fYaliyyYt gstYrYn tY_kilatlar1n 2006-c1 ilin aprel ay1n1n 1-dYn mYnfYYt vergisini dYmYlYri ilY YlaqYdar >laraq izah etmYk >lar. Fiziki _YxslYrin gYlir vergisinin xsusi Ykisinin dinamikas1nda 2009-2012-ci ildYk >lan dvrdY art1m, s>nrak1 dvrlYrdY isY nYzYrY arpacaq azalma m_ahidY >lunmaqdad1r. 0qtisadi cYhYtdYn inki_af etmi_ lkYlYrdY vergi daxil>lmalar1nda ayr1-ayr1 vergilYrin xsusi YkilYrinin tYhlili gstYrir ki, hYmin lkYlYrdY Yn byk paya (tYqribYn 40 faiz) fiziki _YxslYrin gYlir vergisi malikdir. MYnfYYt vergisi vY YlavY dYyYr vergisinin bu tYsnifatda pay1 tYqribYn 10-15 faiz tY_kil edir. Bu bax1mdan AzYrbaycanda vergi daxil>lmalar1n1n strukturu xeyli fYrqlidir. BelY ki, hquqi _YxslYrin mYnfYYt vergisinin vY YlavY dYyYr vergisinin xsusi YkilYri kifayYt qYdYr yksYk, fiziki _YxslYrin gYlir vergisinin pay1 isY nYzYrYarpacaq dYrYcYdY a_a1d1r. Yax1n perspektivdY bu fYrqin aradan qald1r1lmas1 bir qYdYr pr>blemli grnr. nki neft hasilat1 lkY iqtisadiyyat1nda byk xsusi YkiyY malikdir vY yax1n perspektivdY bu hasilat1n hYcminin daha da artmas1 gzlYnilir. Bu isY dvlYt bdcYsinY vergi daxil>lmalar1nda mYnfYYt vergisinin pay1n1n hYlY yksYk qalaca1n1 sylYmYyY Ysas verir. Bununla bYrabYr lkY iqtisadiyyat1nda qeyri-neft sekt>runun inki_af etdirilmYsi sahYsindY apar1lan i_lYr, Yhalinin YmYk haqq1 sYviyyYsinin mtYmadi >laraq art1r1lmas1 bu fYrqin sYviyyYsinY z tYsirini gstYrmYyY bilmYz. Vergi sisteminY >nun qurulmas1 prinsipindY z Yksini tapan >byektiv tYlYblYr vergi islahatlar1n1n strategiyas1n1n mYyyYn edilmYsinin Ysas1nda dayana bilYr. Bu zaman daha >x YhYmiyyYt kYsb etmYsi nqteyi-nYzYrindYn a_a1dak1lar1 qeyd etmYk >lar: - dvlYtin hYyati maraqlar1na cavab verYn, neytrall1q, YdalYtlilik vY sYmYrYlilik prinsiplYrini dYyYn vergi sistemininin f>rmala_d1r1lmas1; - sYmYrYli vergi inzibat1l11 sisteminin yarad1lmas1; - vergi qanunvericiliyinin mtYmadi >laraq tYkmillY_dirilmYsi. Bu Ysas istiqamYtlYrdYn 1x1_ edYrYk AzYrbaycan Respublikas1 vergi sisteminin tYkmillY_dirilmYsi zrY qar_1da duran vYzifYlYri mYyyYnlY_dirYk. 1) A_a1dak1lar1n hYyata keirilmYsi y>lu ilY vergi sisteminin YdalYtliliyinin vY neytrall1l11n1n gclYndirilmYsi: - ilk nvbYdY Ysasland1r1lmam1_ vergi gzY_tlYrinin lYv edilmYsi hesab1na btn vergi dYyijilYri n vergitutma _Yraitinin mmkn qYdYr eynilY_dirilmYsi; - vergidYn yay1nmaya imkan verYn y>llar1n azald1lmas1; - vergi inzibat1l11n1n tYkmillY_dirilmYsi vY vergi qanunvericiliyindY YlavY mexanizmlYrdYn istifadY edilmYsi hesab1na vergilYrin y11m sYviyyYsinin yksYldilmYsi; - mvcud vergilYrin vergitutma bazas1n1n tYyin edilmYsinin mYyyYnlik dYrYcYsinin yksYldilmYsi. 2) A_a1da qeyd >lunanalar hesab1na vergi dYyijilYrinin vergi yknn azald1lmas1: - vergi yknn vergi dYyijilYrinin aras1nda daha bYrabYr vY YdalYtli bl_drlmYsi; - mYnfYYt vergisinin vergitutma bazas1n1n tYyin edilmYsi zaman1 gYlirdYn 1x1lmas1 y>l verilYn xYrjlYr zrY bYzi maddYlYrY (YsasYn gYlirdYn 1x1lmas1 mYhdudla_d1r1lan xYrjlYr zrY) yenidYn bax1lmas1. 3) MxtYlif vergilYr zrY vergitutma bazalar1n1n vY vergilYrin hesablanmas1 qaydalar1n1n mmkn qYdYr vahid _YklY sal1nmas1. 4) Bir tYrYfdYn vergi sisteminin stabilliyinin, digYr tYrYfdYn isY >nun evikliyinin tYmin edilmYsi. AzYrbaycan Respublikas1n1n vergi sistemindY apar1lan islahatlar zaman1 iqtisadi cYhYtdYn inki_af etmi_ lkYlYrin vergi sistemlYrinin inki_af tendensiyas1 mtlYq nYzYrY al1nmal1d1r. 0qtisadiyyat1n ql>balla_d11 bir _YraitdY bu lkYlYrin vergi sistemlYri biznesY neytrall1q prinsipi Ysas1nda vahid _YklY gYtirilir ki, bu da kapital1n sYrbYst hYrYkYti vY inteqrasiyas1 n geni_ imkanlar a1r. Bu mumi prinsiplYrdYn geri YkilmYsi hYm xarici investisiyalar1n AzYrbaycan bazar1na, hYm dY AzYrbaycanda istehsal >lunan mYhsullar1n dnya bazar1na 1x1_1n1 YngYllYyY bilYr ki, bu da s>n nYticYdY AzYrbaycan1n inteqrasiya pr>seslYrindYn aral1 d_mYsinY sYbYb >lar. II FYsil. AzYrbaycanda sYhmdar cYmiyyYtlYrin f>rmala_mas1 mYsYlYlYri. 2.1. SYhmdar kapital1n f>rmala_mas1n1n iqtisadizYruriliyi vY ilkin _YrtlYri. 0stehsal1n tYmYrkzlY_mYsi vY mYrkYzlY_mYsi elmi-texniki tYrYqqinin, mYhsuldar qvvYlYrin inki_af1n1n vY y11m1n artmas1n1n >byektiv _YrtlYri kimi 1x1_ edir. z mahiyyYtlYrinY grY istehsal1n tYmYrkzlY_mYsi vY mYrkYzlY_mYsi mxtYlif iqtisadi pr>seslYr >lsalar da, >nlar dialektik vYhdYtdY yerlY_irlYr. 0stehsal1n tYmYrkzlY_mYsi, hYr _eydYn YvvYl, istehsal1n texniki bazas1n1n prinsipcY yeni avadanl1qlardan istifadYyY Ysaslanan keyfiyyYt dYyi_ikliklYrini nYzYrdY tutur. Lakin istehsal1n tYmYrkzlY_mY sYviyyYsinin yksYldilmYsi mYhsul vahidinY kapital xYrjlYri n>rmalar1n1n a_a1 sal1nmas1 vY mYhsul burax1l1_1 zrY _Yrti-daimi mYsrYflYrin ixtisar1 ilY mYyyYn edilYn digYr amillYrlY dY _YrtlYnY bilYr. Bu zaman mYhsul istehsal1 hYcmlYrinin geni_lYnmYsinY vY y11m1n YhYmiyyYtli dYrcYdY art1m1na nail >lunur. Kiik vY >rta mYssisYlYrin inki_af pr>qram1n1n dvlYt bdcYsindYn maliyyYlY_dirilmYsinin mYhdud imkanlar1, yarad1lan mYssisYlYrin z qvvYlYri ilY yksYk texn>l>ji sYviyyYsinin tYmin >lunmas1n1n qeyri-mmknly kiik sahibkarl11n regi>nal mYrkYzlYrinin tY_kilini _YrtlYndirir. nki mYhz regi>nda kiik biznesY z infrastrukturunu yaratmaq mYqsYdYuyundur. SYhmdar cYmiyyYti kimi yarad1lan kiik sahibkarl11n regi>nal mYrkYzi z strukturuna kiik biznesin inn>vasiya bank1n1, s1>rta tY_kilatlar1n1, t>pdansat1_ bazalar1 sistemini, tYdris mYrkYzlYrini, s>sial infrastruktur >byektlYrini daxil edY bilYr. Kapitallar1n mYrkYzlY_mYsi pr>sesi kimi sYhmlY_mY mYrkYzlY_mYnin birpillYliyi, kapitallar1n mYhdudiyyYtsiz birlY_mYsi, kapitallar1n qiymYtli ka1z1n burax1lmas1 ilY birlY_mYi kimi xsusiyyYtlYrY malikdir (32,s.51). AdYtYn iqtisadiyyat1n sYhmlY_dirilmYsinin Ysas xsusiyyYti >nunla _YrtlYnir ki, >, hYr _eydYn YvvYl dvlYt mlkiyyYtinin, daha dYqiq desYk isY idarY mlkiyyYtinin dYrin bhran1 ilY diqtY >lunmu_dur. na grY dY hkumYt qYrarlar1n1n meydana 1xmas1na ilk reaksiya verYnlYr nazirliklYr, >nlar1n struktur blmYlYri, uursuz mYssisYlYr >lur. Yarad1lan sYhmdar cYmiyyYtlYrdY mYhsuldar YmYyY keyfiyyYtcY yeni stimullar tapmaq cYhdi, istehsal fYaliyyYtinin >perativ pr>blemlYrinin hYlli n zYruri >lan YlavY maliyyY resurslar1n1n sYmYrYli axtar1_1n1n tYmin >lunmas1 qar_1ya mYqsYd kimi q>yulur. Eyni zamanda mYssisYlYr qar_1s1nda pul resurslar1n1n q1tl11 zndYn sYhmlY_mY n >byektiv maneY meydana 1x1r ki, bu da xalq tYsYrrfat1 sisteminin >xillik dvlYtlY_dirilmYsinin yekunu say1l1r. Bundan ba_qa, sYhmlY_mY qiymYt art1m1 _YraitindY iqtisadi cYhYtdYn faydas1z i_ say1l1r, nki banklarda dep>zitlYr zrY faiz sYviyyYsindY dividendlYrin q>runub saxlanmas1 YtinlY_ir, qiymYtlYrin dinamikas1na uyun >laraq bu sYviyyY artacaq, rentabellik isY YhYmiyyYtli dYrYcYdY a_a1 d_YcYkdir. BelY bir hal1n nYticYsi kimi xsusi dvriyyY vYsaitlYrinin at1_mazl11, bank ssudalar1 zrY b>rcun art1m1, mYssisYnin maliyyY bhran1n1n kYskinlY_mYsi, investisiya tYnYzzlnn dYrinlY_mYsi meydana 1x1r. SYhmdar mlkiyyYti dedikdY, istehsal miqyas1n1n, teEn>l>giya sYviyyYsinin, maliyyYnin tY_kili sisteminin mYyyYn inki_af mYrhYlYsindY sYhmdarlar1n knll i_tirak1 ilY istehsal1n tY_kilinin prinsipcY yeni f>rmas1 n zYmin yaradan Esusi mlkiyyYtin inki_af1 vY transf>rmasiyas1 pr>sesinin qanunauyun nYticYsi ba_a d_lr. SYhmdar f>rmas1 bir mYssisYyY daha >E _YEslYrin, hYtta hYr hans1 sYbYb zndYn sahibkarl1q fYaliyyYti ilY mY_ul >la bilmYyYn _YEslYrin kapital1n1 cYlb etmYyY imkan verir. Eyni zamanda, q>yulmu_ YmanYtin yksYk diversifikasiyas1 daEil >lmaqla >nun hYcmi ilY mYsuliyyYtin mYhdudla_d1r1lmas1 s>n dYrYcY prespektivli, hYm dY yksYk riskli layihYlYrY vYsait q>ymaa imkan verir ki, bu da elmi-teEniki tYrYqqi nailiyyYtlYrinin tYtbiqini srYtlYndirir. MlkiyyYtin sYhmdar f>rmas1n1n YslindY hYr yerdY universal vY tYtbiqi edYn digYr >Elu msbYt tYrYflYri vard1r ki, bu da sahibkar1n mYsuliyyYt miqyas1n1n mYhdudla_d1r1lmas1n1 zYruri edir vY buna imkan verir. EmitentlYri sYhmlYrin burax1l1_1na cYlb edYn sYbYblYri a_a1dak1 kimi tYsniflY_dirmYk >lar : - invest>run sYhmin al1nmas1na verdiyi vYsaiti geri qaytarmaq hdYliyinin >lmamas1; - dividendlYri dYmYdYn sYhmdar cYmiyyYtin btn gYlirlYri istehsal1n inki_af1na ynYldY bilmYsi (13,s.179). lkY qanunvericiliyinY grY, emitentlYr sYhmlYrin yerlY_dirilmYsi nYticYsindY YldY etdiyi pul vYsaitlYrini istYr istehsal, istYrsY dY qeyri-istehsal tYyinatl1 Ysas vY dvriyyY f>ndlar1n1n yarad1lmas1na sYrf edY bilYr(8). AdYtYn, invest>rlar1 sYhmlYrY cYlb edYn sYbYblYrin tYsnifat1 a_a1dak1 kimi apar1l1r : - SC-nin idarY >lunmas1nda i_tirak hququ; - SC-nin gYlirinin bir hissYsinin dividend _YklindY al1nmas1 hququ; - sYhmlYrin bazar qiymYtinin artmas1 ilY bal1 kapital1n artmas1 mmknly; - SC-nin z sYhmdarlar1na verdiyi YlavY gzY_tlYr; - SC lYv >lunduqda qalan Ymlak1n bir hissYsini almaq hququ. SYhmdar cYmiyyYtlYri maddi vY digYr resurslardan daha sYmYrYli istifadY etmYyY, btn i_tirak1lar1n mumi vY _Yxsi maraqlar1n1 >ptimal surYtdY YlaqYlYndirmYyY imkan verirlYr. MYssisY vY tY_kilatlar1n Ysas tY_kilati f>rmas1 say1lan sYhmdar cYmiyYtlYri Esusi _YEslYrin, mEtYlif nvl k>rp>rasiyalar1n vY digYr >rqanlar1n Ymlak1n1n birlY_dirilmYsi Ysas1nda iqtisadiyyat1n tY_kili zrY daha tYkmil hquqi meEanizmi tYmsil edirlYr. SYhmdar cYmiyyYtin Ysas EsusiyyYtlYri a_a1dak1lardan ibarYtdir: sYhmdar kapital1n paylara uyun >laraq bl_drlmYsi; azad surYtdY dvr edYn sYhmlYrin paylar1; i_tirak1lar1n cYmiyyYtin hdYliklYri zrY mYsuliyyYtinin yaln1z cYmiyyYtin kapital1na haqq dYmYklY mYhdudla_d1r1lmas1; birliyin i_tirak1lar1n1n say1n1 vY sYhmdar kapital1n1n hYcmini asanl1qla dYyi_mYyY imkan verYn nizamnamY f>rmas1; Esusi >rqan1n  cYmiyyYtin idarY heyYtinin (mdriyyYtin) YlindY cYmlY_mi_ mYssisY idarYetmYsinin mumi rYhbYrlikdYn ayr1lmas1. 0qtisadiyyatda maliyyY-sYnaye qruplar1 (MSQ) f>rmas1nda makr>iqtisadi birliklYrin meydana 1xmas1 zYruri vY >byektiv >laraq _YrtlYnmi_ meyllYrlY izah >lunur. MSQ-yY aid >lan ayr1-ayr1 i_tirak1lar1n resurslar1n inteqrsasiyas1na can atmas1n1 bu birliyY xas >lan ba_l1ca cYhYt kimi qeyd etmYk >lar. Bunu tYkcY maliyyY resurslar1na deyil, hYm dY intellektual, inf>rmasiya, maddi, xammal, YmYk vY digYr resurs nvlYrinY aid etmYk >lar. Bu qruplara xas >lan ikinci cYhYt kimi birlik i_tirak1lar1n1n birgY fYaliyyYt gstYrmYsinin mumi mYqsYdinin mvcudluu 1x1_ edir. NYhayYt, nc cYhYt kimi >nu YhatY edYn mqavilY mnasibYtlYri _YbYkYsinin varl11n1 hesab etmYk >lar. NYzYrY almaq laz1md1r ki, inhisar1n meydana 1xmas1 f>rma vY met>dlar1 dYyi_Yn rYqabYtin >byektiv mYqsYdYuyunluunu saxlay1r. QiymYt rYqabYtinin mvqelYri zYiflYyir vY istehsal gclYrinin yklYmYsi vasitYsilY manevretmY yay1lmaa ba_lay1r. Bu zaman rYqabYtin xsusi f>rmas1 inhisar1 mYssisYlYrin elmi-tYdqiqat blmYlYrindY hYyata keirilYn mxtYlif yeniliklYr >lur. AdYtYn istehsal1n irilY_dirilmYsinY meyl nY qYdYr gcl >larsa, rYqabYtin tYzahr bir > qYdYr gcl >lar vY sat1_ bazarlar1 urunda mbarizY zn daha ayd1n gstYrYr. Bu cr qar_1durma rYqabYt bazarlar1nda tYsYrrfat strukturlar1n1n davaml1l11n1 mhkYmlYndirmYk mYqsYdilY fYaliyyYt sferas1n1n diversifikasiya >lunmas1 zYrurYtinY gYtirib 1xar1r. BelY _YraitdY mxtYlif bank-sYnaye qruplar1n1n fYaliyyYt sferalar1n1n kYsi_mYsi ba_ verir ki, bu da iqtisadiyyat1n iri sekt>rlar1n1n inhisarla_ma sYviyyYsinin a_a1 sal1nmas1 n zYmin yarad1r. MYhz bu istiqamYtdY antiinhisar qanunvericiliyi, xsusilY dY 1996-c1 ilin aprelindY qYbul >lunmu_  MaliyyY-sYnaye qruplar1 haqq1nda AR Qanunu(2) fYaliyyYt gstYrir ki, burada da bank-sYnaye inteqrasiyas1 nYticYsindY iqtisadiyyat1n inhisarla_ma sYviyyYsinin a_a1 sal1nmas1na ynYldilmi_ bir s1ra mYhdudiyyYtlYr Yks >lunmu_dur. Qanunda qeyd edilir ki, maliyyY-sYnaye qrupu istehsal1n rYqabYt qabiliyyYtini vY sYmYrYliliyini yksYltmYk, Ylveri_li teEn>l>ji vY k>>perasiya YlaqYlYri yaratmaq, iEracat p>tensial1n1 art1rmaq, elmi-teEniki tYrYqqini srYtlYndirmYk, investisiya layihYlYri vY pr>qramlar1n1 birgY hYyata keirmYk mYqsYdilY qrup i_tirak1lar1n1n maddi vY maliyyY ehtiyatlar1n1 mqavilY Ysas1nda birlY_dirmYk vY investisiyalar cYlb etmYk n yarad1l1r. QanunvericiliyY grY maliyyY-sYnaye qrupunun tYrkibinY istehsal vY EidmYt sahYsindY fYaliyyYt gstYrYn mYssisYlYrlY yana_1, mtlYq maliyyY-kredit tY_kilatlar1 da i_tirak etmYlidirlYr. MaliyyY-sYnaye qruplar1 i_tirak1lar aras1nda balanm1_ mqavilY, lkYnin mvafiq dvlYt icra hakimiyyYti >rqan1n1n qYrar1 vY hkumYtlYraras1 sazi_lYr Ysas1nda yarad1la bilYr. TYrkibindY Earici hquqi _YEslYrin i_tirak etdiyi maliyyY-sYnaye qrupu transmilli maliyyY-sYnaye qrupu hesab >lunur. HkumYtlYraras1 sazi_ Ysas1nda yarad1lan maliyyY-sYnaye qruplar1 beynYlEalq maliyyY-sYnaye qrupu statusu YldY edirlYr. Transmilli maliyyY-sYnaye qrupunun i_tirak1lar1 n hkumYtlYraras1 sazi_lY qar_1l1ql1 Ysasda mYyyYn edilir. MaliyyY-sYnaye qruplar1n1n fYaliyyYtinY yard1m gstYrmYk mYqsYdilY dvlYt >nlar n mEtYlif nv gzY_tlYr tYtbiq edY bilYr. 0qtisadiyyat1n islahatla_d1r1lmas1n1n ilkin tYcrbYsi gstYrdi ki, resurslar1n nisbYtYn tez cYlb >lunmas1na vY etibarl1 gYlirlYrinY tYminat verYn real sekt>ra vYsaitlYrin investisiyala_d1r1lmas1n1n bu cr mexanizminin mtlYq etibarl1l11na nail >lmaq qeyri-mmkndr. Pul vYsaitlYri dvriyyYsinin istYnilYn mYrhYlYlYrindYn birindY itki riski s>n dYrYcY bykdr. dur ki, vahid maliyyY-sYnaye qrupunda maliyyY vY sYnaye sferalar1nda fYaliyyYt gstYrYn _irkYtlYrin makr>iqtisadi birliyi bu cr risklYrin a_a1 sal1nmas1 n >byektiv zYruriliyY evrilir. Xarici investisiyalar1n cYlb >lunmas1 birliyin mYqsYdinY nail >lma1n Yn sYmYrYli vasitYlYri sferas1na aid edilir, nki >, i_gzar etibar1n saxlanmas1n1, xarici vY daxili invest>rlar qar_1s1nda hdYliklYrin vaxtl1-vaxt1nda yerinY yetirilmYsini tYmin edir. Ehtiyat vY s1>rta f>ndlar1n1n, mumi maliyyY vYsaitlYrinin yarad1lmas1 risklYri YhYmiyyYtli dYrYcYdY a_a1 salan zYruri tYdbir kimi 1x1_ edir. Bu zaman > qruplar davaml1 hesab edilir ki, >nlar z qar_1lar1na z p>tensial imkanlar1n1 birlik miqyas1nda vYsaitlYrin, ehtiyatlar1n vY resurslar1n k>mbinasiyas1 hesab1na maksimum realla_d1r1lmas1 vYzifYsini q>yurlar. BirgY fYaliyyYtY bu cr yana_ma nYticYsindY btvlkdY qrup vY ayr1-ayr1l1qda >nun hYr bir i_tirak1s1 geni_ tYkrar istehsal1n katalizat>ru funksiyas1n1 yerinY yetirYn gYlirdYn yuxar1 vYsait YldY edirlYr. Bizim fikrimizcY, tYsYrrfat vYsaitlYrinin belY dvriyyYsi bazar mhitindY iqtisadi strukturlar1n davaml1 faYliyyYtinin vY inki_af1n1n zYruri _Yrti say1la bilYr. 0qtisadiyyatda maliyyY-sYnaye qruplar1n1n yarad1lmas1n1n vY >nlar1n strukturlar1n1n iqtisadi siyasYt1n tYlYblYrinY uyunla_d1r1lmas1n1n fYal pr>ssesinY tYsir edYn amillYr a_a1dak1lardan ibarYtdir: - lkY iqtisadiyyat1n1n struktur xsusiyyYtlYri. Bunlar ilk nvbYdY yerli istehsal1n tYmYrkzlY_mYsindY, diversifikasiyas1nda, k>>perasiyas1nda, miqyas1nda, unifikasiyas1nda vY standartla_d1r1lmas1nda ifadY >lunur. Btn bunlar maliyyY-sYnaye qruplar1n1n meydana 1xmas1n1 vY yay1lmas1n1 srYtlYndirmYyY imkan verir. - MaliyyY kapital1, institusi>nal vY zYl investisiyala_ma, qiymYtli ka1zlar bazar1, YmtYY tYdavl, bank i_i, idxal-ixrac YmYliyyatlar1, idarYetmY kadrlar1n1n haz1rlanmas1, istehsal1n s>sial infrastrukturu sferalar1ndak1 islahatlar makr>iqtisadi birliklYrin yarad1lmas1 pr>seslYri n zYruri zYmin vY Ysaslar yarad1rlar. - 0ri yksYk texn>l>giyal1 istehsal1n qurulmas1 vY gYlYcYk inki_af1, mYssisYlYrin struktur cYhYtdYn yenidYn qurulmas1, xarici vY daxili bazarlarda yerli mallar1n rYqabYt qabiliyyYtliliyinin yksYldilmYsi, s>sial pr>blemlYrin hYlli zYruriliyi maliyyY-sYnaye qruplar1n1n f>rmala_mas1 pr>sesini qa1lmaz vY dnmYz pr>sesY evirir. TYcrbY gstYrir ki, maliyyY-sYnaye qruplar1 mxtYlif cr, mYsYlYn,  mYssisY vY tY_kilat k>mpleksi ,  mxtYlif _irkYtlYrin mqavilY birliklYri nvlYrindYn biri ,  bank kapital1n1n, elmi, sYnaye vY dvlYt resurslar1n1n tY_kilati birlik f>rmas1 kimi; iri kapital1n z-znY tY_kilatlanmas1n1n vY tY_kilinin sYmYrYli f>rmas1 kimi sYciyyYlYndirilir. Bu >xcYhYtlilik, bir qayda >laraq, inteqrasiyan1n mxtYlif f>rmalar1n1n nYzYrdYn keirilmYsinY Ysaslan1r vY Ysas zYmin kimi mumi mYqsYdlYrY nail >lmaq n resurslar1n birlY_dirilmYsinin xarakteristikas1n1 nYzYrdY tutur. FikrimizcY, MSQ-n1n Ysas Earakteristikas1 sYhmlY_mY pr>sesi say1l1r. MSQ sYhmlY_mY vasitYsilY yarad1lan, maddi vY qeyri-maddi aktivlYri birlY_dirYn superk>rp>rasiyad1r (128, sYh. 247). Bu fikirdY dY maliyyY-sYnaye qrupu anlay1_1 z Ysas sYciyyYsini tapmam1_d1r. MYssisYnin inteqrasiyas1n1n istYnilYn f>rmas1 maddi vY qeyri-maddi aktivlYrin birlY_dirilmYsini nYzYrdY tutur, sYhmlY_mY isY k>rp>rasiya anlay1_1n1n Ysas Earakteristikas1 sayl1r. M.A.Eskindar>v I.Y. BelyayevlY birgY yazd11 digYr YsYrdY belY bir nYticYyY gYlmi_dir ki, daha mumi anlay1_ makr>struktura say1l1r. Bununla YlaqYdar >laraq makr>strukturun a_a1dak1 nvlYri fYrqlYndirilir: kartellYr, k>ns>rsiumlar, k>nql>meratlar, transmilli k>rp>rasiyalar1 (TMK) vY maliyyY-sYnaye qruplar1. MYlliflYrin fikrincY mYhz MSQ daEili tY_kilat1n Yn yksYk sYviyyYsinY malikdir vY TMK-dan >nunla fYrqlYnir ki, >, vahid investisiya siyasYt1 apar1r, maliyyY resurslar1n1n daEili bl_drlmYsi kimi YlamYtlYri zndY birlY_dirir (55, sYh.113). MSQ vY TMK-n1n mstYqil makr>struktur kimi sYciyyYlYndirilmYsinY haqq qazand1rmaq >lmaz. n az1 >na grY ki, bu cr yana_ma MSQ anlay1_1n1n beynYlEalq tYcrbYdY qYbul edilYn _YrhinY ziddir. V.Q.Med1nskinin vY M.V.Myasnik>viin fikrincY, MSQ anlay1_1 znY TMK anlay1_1n1 da daEil edir vY hkumYt strukturlar1 ilY k>nkret istehsal1lar aras1nda >rta sYviyYdY fYaliyyYt gstYrYn tYsYrrfat hYlqYsini ifadY edir (109;110). Lakin MSQ vY TMK anlay1_lar1n1n bu cr nisbYti ilY raz1la_maq >lmaz. na grY ki, mEtYlif struktur tiplYrini YhatY etmYsinY grY k>rp>rasiya anlay1_1 daha geni_dir.  hYm milli (bir dvlYtin miqyas1nda), hYm dY transmilli >la bilYr. K>rp>rativ strukturlar1n nvlYrindYn biri >lan MSQ dY milli vY transmilli >la bilYrlYr. BelYliklY, transmilli MSQ trasnmilli k>rp>rasiyalar anlay1_1n1n bir hissYsi say1l1rlar. DigYr iri k>rp>rativ strukturlarda >lduu kimi, MSQ-n1n dY yarad1lmas1n1n iqtisadi Ysas1 yum_aq idarYetmY f>rmas1 adland1r1lan i_tirak sistemidir. Bu sistem Eeyli sayda firmalar1 sYhmdar kapitalda i_tirak1 y>lu ilY ba_ _irkYtin himayYsindY birlY_dirmYyY imkan verir. Bu mahiyyYtcY > demYkdir ki, sYhmdar cYmiyyYt zYrindY nYzarYt n >nun sYhmlYrinin mYyyYn pay1na sahib >lmaq kifayYtdir. ^bhYsiz ki, masir f>rmala_ma mYrhYlYsindY yerli maliyyY-sYnaye qruplar1 xarici _irkYtlYrin malik >lduu maliyyY imkanlar1na malik deyillYr. nlar dnya bazarlar1nda kifayYt qYdYr rYqabYt qabiliyyYtli deyillYr. lkYmizdY MSQ-yY dvlYt dYstYyi inki_af etmi_ bazar iqisadiyyatl1 lkYlYrdY bu qruplara verilYn imtiyaz vY maliyyY gzY_tlYri ilY he bir mqayisYyY gYlmir. Eyni zamanda maliyyY bazar1n1n tYhlili lkYnin maliyyY-sYnaye qruplar1n1n beynYlxalq YmYliyyatlara nYzYrY arpan meyllYri haqq1nda fikirlYri demYyY Ysas verir. BeynYlxalq fYaliyyYt >nlara transmilli xarakter vermYklY bu qruplar1n mumi cYhYtlYrini vY strukturunu dYyi_dirir. , bir qayda >laraq, lkYdY iqtisadi vY siyasi gYrginliklYr dvrndY maliyyY-sYnaye qruplar1n1n mvqelYrini xeyli mhkYmlYndirir. Kanada iqtisad1s1 Alan M.Raqmenin fikrincY, stabillY_dirmY effekti yksYk mYnfYYt dal1nca qamaa nibYtYn milli firman1n transmilli k>rp>rasiyaya evrilmYsinin daha YhYmiyyYt kYsb edYn amilidir(138, s.36). MYlum >lduu kimi, Avr>pada inteqrasiya pr>seslYrinin gclYnmYsi ilY YlaqYdar >laraq bu lkYlYrin hkumYtlYri qanunvericilik sYviyyYsindY iri sifari_lYrin maliyyYlY_dirilmYsi, subsidiyala_d1r1lmas1 vY yerlY_dirilmYsi, mxtYlif tYminata malik elmi-texniki xarakterli inf>rmasiyalar1n tYqdim >lunmas1 f>rmalar1nda k>nkret sahYlYrin vY ayr1-ayr1 k>rp>rasiyalar1n birba_a dvlYt hYvYslYndirmYsi met>dlar1na mraciYt etmYklY transmilli q>vu_malar1, mxtYlif lkYlYrdYn >lan sYhmdar _irkYtlYrin birlY_mYlYrini stimulla_d1r1rlar. BelY birlY_mYlYrin dvlYt qeydiyyat1 he dY hYmi_Y qabaqcadan nYzYrdY tutulmur. Bu makr>iqtisadi birliklYrin tY_kilinin vY fYaliyyYtinin ayr1-ayr1 tYrYflYrinin yum_aq nizamlanmas1 daha sYciyyYvidir. StabillY_mY effektinin YldY >lunmas1na cYhd edilmYsi xalq tYsYrrfat1nda iqtisadi vY s>sial qeyri-sabitlik _YraitindY yerli maliyyY-sYnaye qruplar1n1n f>rmala_mas1 n Ysas zYmin kimi 1x1_ edir. MaliyyY-sYnaye qruplar1n1n yarad1lmas1 pr>sesinin vY fYaliyyYtinin dvlYt tYnzimlYnmYsi bu qruplar1n hquqi qeydiyyat1n1 lYngidYn mYhdudiyyYtlYrin 1xar1lmas1 istiqamYtindY gYlYcYkdY xeyli tYkmillY_mYni vY diversifikasiya >lunmu_ istehsallar1n yarad1lmas1 YrivYsindY resurslar1n k>mbinasiyas1 pr>seslYrinin inki_af1n1 tYlYb edir. BeynYlxalq fYaliyyYti hYyata keirYn maliyyY-sYnaye qruplar1na mnasibYtdY subsidiyala_ma, dvlYt sifari_lYrinin yerlY_dirilmYsi vY s. f>rmalarda gzY_t spektrinin vY dvlYt kmYyinin geni_lYndirilmYsi mYqsYdYuyun say1l1r. Bu zaman daxili iqtisadi art1m meyllYri birlY_mY vY udulma Ysas1nda beynYlxalq bazarlarda xarici ekspansiya vY trYmY struktur _YbYkYlYrin yarad1lmas1 hesab1na, habelY srYtli art1m1n tYsiri alt1nda gclYnir. AB^-da vY QYrbi Avr>pa lkYlYrindY iri sYnaye k>rp>rasiyalar1n1n mflislY_mYsinY gYtirib 1xaran bhran hallar1na cavab >laraq sYhmdar kapital1n daha da inki_af1na yana_mada xeyli irYlilYyi_lYr ba_ verdiyi halda lkYmizdY bu meyllYr vY sahYdYki islahatlar diqqYt mYrkYzindYn kYnarda qalmaqda davam edir. HYlY bu azm1_ kimi respublika iqtisadiyyat1nda fYaliyyYt gstYrYn k>rp>rativ idarYetmY strukturlar1n1n malik >lduqlar1 sYhmdar kapitallar1n fYaliyyYt dairYsi vY strukturu da qeyri-_Yffaf >laraq qal1r. Bu isY, hYr _eydYn YvvYl, lkYdY x1rda sYhmdarlar1n tY_kilatlanmaq sYviyyYsinin vY zYllY_mYdYn s>nra f>rmala_an sYhmdar _irkYtlYrin s>nrak1 fYaliyyYti zYrindY nYzarYt mexanizminin xeyli a_a1 >lmas1, sYhmdar kapital1n f>rmala_mas1 vY idarY edilmYsi sahYsindY hYr hans1 standart1n >lmamas1 ilY izah >lunur. dur ki, hesab edirik ki, istYr daxili, istYrsY dY xarici investisiyalar1 cYlb etmYk y>lu ilY, lkYdY k>rp>rativ sekt>run vY f>nd bazar1n1n inki_af1n1 masir beynYlxalq standartlara uyunla_d1rmaqla yuxar1da qeyd >lunan nqsanlar1 aradan qald1rmaq >lar. Yuxar1da qeyd >lunanlar1 yekunla_d1rmaqla belY qYnaYtY gYlmYk >lar ki, lkYmizdY >byektiv >laraq hYyata keirilYn tYmYrkzlY_mY vY mYrkYzlY_mY pr>sesi spesifik cYhYtlYrY malikdir vY iqtisadiyyat, idarYetmY vY texn>l>giya sferas1nda dvlYt inhisar1n1n tYsiri alt1nda yerlY_ir. Makr>iqtisadi birliklYrin meydana 1xmas1 stn >laraq mYssisYnin birlY_mYsi vY q>vulmas1 Ysas1nda hYyata keirilir ki, bu da istehsal hYlqYlYrindY y11m1n qeyri-kifayYt sYviyyYsi ilY, xsusi dvriyyY vYsaitlYrinin at1_mazl11, bank ssudalar1 vY bdcYyY vergilYr zrY yksYk b>rclarla _YrtlYnir. K>rp>rativ sYviyyYdY pr>seslYrlY YlaqYdar >lan inhisar1l1q meyllYri p>zitiv meyllYr kimi nYzYrdYn keirilir, nki bunlar mtlYq dvlYt inhisarizmindYn uzaqla_maqda meydana 1x1r vY stn >laraq yenilik f>rmas1nda rYqabYtin >byektiv mYqsYdYuyunluunu q>ruyub saxlay1rlar. 2.2. 0qtisadiyyatda inteqrasiya pr>seslYrinin inki_af1nda sYhmdar kapital1n r>lu 0stehsal1n tYmYrkzlY_mYsi vY mYrkYzlY_mYsi pr>seslYri ilY _YrtlYnYn makr>iqtisadi dYyi_ikliklYr sYhmdar cYmiyyYtlYrin stn tYsYrrfat1l1q f>rmalar1 kimi kapital1n mvcudluunu nYinki mmkn edir, hYm dY zYrurYtY evirir. Bu kapital sYhm burax1l1_1 vasitYsilY >xlu fYrdi kapitallar1n vY _Yxsi YmanYtlYrin birlY_dirilmYsi Ysas1nda yaran1r ki, bunlardan da hYr biri >nlar1n sahiblYrinY sYhmdar cYmiyyYtin gYlirinin mYyyYn hissYsinin al1nmas1na vY >nun idarYetmYdY i_tirak1na hquq verir. BelY bir _YraitdY >byektiv >laraq sYhmdar cYmiyyYtlYri f>rmala_1r ki, >nlar1n da kapital1 birlY_mi_ kapital f>rmas1n1 al1r vY k>>perativ mlkiyyYtdY yerlY_ir. R. Hilferdinq belY bir qYnaYtY gYlir ki, sYhmdar cYmiyyYtlYrin geni_lYnmYsi ilY iqtisadi inki_af mlkiyyYtin hYrYkYtindY fYrdi tYsadflYrdYn azad >lunacaq vY mYssisYnin tYmYrkzlY_mYsi mlkiyyYtin mYrkYzlY_mYsindYn daha srYtlY gedY bilYcYk. E. Bregel znn  Kapital1n ilkin y11m1 adl1 kitab1nda qeyd edir ki,  & ayr1ca bir kapitalistin sahib >ldugu fYrdi kapital z lsnY grY mYhduddur vY iri mYssisYlYrin, mYsYlYn, dYmir y>lunun, kanallar1n, nYhYng zav>d vY fabriklYrin tikintisi kimi mYssisYlYrin tY_kili n kifayYt deyil  ( 56, s.28). SYhmdar cYmiyyYtlYrin yaranmas1 vY artmas1 qiymYtli ka1zlar1n yeni nvnn - sYhmin meydana 1xmas1na kmYk etdi. SYhmdar cYmiyyYtlYr inki_af edYrYk daha mrYkkYb birliklYrY (k>nsern, trest, kartel, k>ns>rsium) evrilmYyY ba_lad1lar. KYskin rYqabYt mbarizYsi vY ET0 _YratindY >nlar1n inki_af1 nYinki sYhmdar, hYm dY istiqraz kapital1n1n cYlb >lunmas1n1 _YrtlYndirdi. TYcrbY gstYrir ki, mYssisYnin sYhmdar f>rmas1 bazar1n inhisarla_d1r1lmas1 vY sYnaye-maliyyY qruplar1n1n f>rmala_mas1 n ilkin zYmin yarad1r, halbuki he dY hYr hans1 sYhmdar cYmiyyYti inhisar1 deyildir, bunun Yksi isY bir qayda >laraq mmkndr. SYhmdar kapital1n bazas1nda YvvYlcY fqi inteqrasiya vasitYsilY sahYvi inhisar ittifaqlar1 inki_af etmYyY ba_lay1r. S>nralar isY _aquli inteqrasiya inki_af tap1r ki, bu da sYhmdar kapital1n bir sahYdYn kYnara 1xmas1n1 nmayi_ etdirir. Bu pr>seslYr hYm xsusi y11mlar(kapital1n tYmYrkzlY_mYsi) hesab1na, hYm dY sYhmlYrin al1nmas1 y>lu ilY(kapital1n mYrkYzlY_dirilmYsi) hYyata keirilY bilYr. Bu zaman inki_af etmi_ lkYlYrin >xunda iqtisadiyyat1n struktur cYhYtdYn yenidYn qurulmas1 ilY YlaqYdar >laraq kapital1n udulmas1 vY birlY_mYsi vasitYsilY mYrkYzlY_dirilmYsi pr>seslYri stn YhYmiyyYt kYsb edir. Bu pr>seslYr haz1rda bazar iqtisadiyyat1 n dY sYciyyYvidir. FikrimizcY, kapital1n mYrkYzlY_mYsinin belY f>rmas1ndan istifadY Ysas1nda sYhmlY_mYnin ilkin _YrtlYri a_a1dak1lar say1l1r. vvYla, birlY_mYnin vY udulman1n kmYyilY sYhmdar kapital1n elmtutumlu vY perspektiv sahYlYrY ax1n1 hYyata keirilir. Daha s>nra, birlY_mY vY udulma stn >laraq inhisar1 sekt>ru YhatY edir vY >na grY dY hYr _eydYn YvvYl, >nun strukturunda geni_ miqyasl1 yenidYn tY_kili _YrtlYndirir. NYticYdY tYsYrrfat1l11n iqtisadi sYmYrYliliyinin art1r1lmas1, maliyyY dayan1ql11n1n tYmin >lunmas1 vY ya sYhm mYzYnnYlYrinin tYrYdddlYri hesab1na YlavY mYnfYYtin al1nmas1 mYqsYdlYri diqqYt mYrkYzindY saxlan1l1r. zYllY_dirmY pr>ssesindY mYssisYlYrin sYhmlYrinin ilkin yerlY_dirilmYsinin yekunlar1 sbut edir ki, mYssisYlYrin YksYriyyYti n sYhmdar kapital1n yuyulub da1lmas1 deyil, dYqiq maj>ritar nYzarYt sYciyyYvidir. Bu, investisiya f>ndlar1n1n fYaliyyYtindY zYllY_dirilYn mYssisYlYrin nYzarYt sYhm paketinin YldY >lunmas1na qismYn cYhd edilmYsi ilY _YrtlYnir. zYllY_dirmYnin nYticYsi kimi sYhmlYrin xeyli paralanmas1 institusi>nal invest>rlar tYrYfindYn kifayYt qYdYr tez aradan qald1r1l1r, sYhmdar mlkiyyYtin bazar dYyYrinin qiymYtlYndirilmYsi isY >byektiv zYrurYtY evrildi. zYllY_dirmY zaman1 mlkiyyYtin dYyi_mYsi lkYdY iqtisadi mnasibYtlYrin kkndYn dYyi_mYsi n birinci dYrYcYli YhYmiyyYt kYsb etdi. zYllY_dirmY vY sYhmlY_dirmYnin ilk illYrinin yekunlar1na nYzYr salsaq grYrik ki, 1997-1998-ci illYrdY respublikam1zda 39 pul hYrrac1nda 951 sYhmdar cYmiyyYtinin sYhmlYri n>minal dYyYri 73,3 mlrd. manat >laraq sat1lm1_ vY nYticYdY xsusi bdcY hesab1na 72 mlrd. manata yax1n vYsait daxil >lmu_dur. Bu mYblYin 67%-i vY ya 47,8 mlrd. manat1 1998-ci ilin pay1na d_r. TYhlil gstYrir ki, zYllY_dirmYnin ilk illYrindY lkYdY sYhmdar cYmiyyYtlYrin zYllY_dirilmYsi qeyri-sYmYrYli >laraq hYyata keirildi. 1999-cu ilin YvvYlinY 967 sYhmdar cYmiyyYtindYn yaln1z 170-i vY ya 17,6%-i zYllY_dirildi. NYticYdY dvlYt mYssisYlYrinin sYhmdar cYmiyyYtlYrY evrilmYsi mYssisY rYhbYrlYrinin r>lunun grnmYmi_ dYrYcYdY artmas1na gYtirib 1xartd1. Bu isY, >nlara mYxsus >lmayan iri kapitaldan z _Yxsi maraqlar1 n istifadY etmYyY _Yrait yaratm1_ >ldu. Bundan ba_qa, sYhmlY_dirilYn mYssisYlYr a1r maliyyY vYziyyYtindY qalm1_d1lar ki, bu da inflyasiyan1n yksYk sYviyyYsi ilY, SSR0-nin da1lmas1 nYticYsindY mYhsul istehsal1 ilY YlaqYdar mYssisYlYrlY k>>perasiyala_m1_ tYsYrrfat YlaqYlYrinin q1r1lmas1 ilY izah >lunur. Bu isY Yhalinin al1c1l1q qabiliyyYtinin a_a1 sYviyyYsindY, elYcY dY YmanYtlYrin itkisindY istifadY >lunan qiymYtlYrin liberalla_d1r1lmas1 vY >nun nYticYlYri zYllY_dirilYn mYssisYlYrin sYhmlYrinin YldY edilmYsi zrY >x mhm gzY_tlYrin mYyyYn >lunmas1n1 _YrtlYndirdi. Buna mYyyYn dYrYcYdY mYnYvi vY fiziki cYhYtdYn a_1nm1_ avadanl1qlara malik YksYr mYssisYlYrin qeyri-rYqabYt qabiliyyYtliliyi, mtYrYqqi >lmayan texn>l>giyalardan istifadY, mYhsulun a_a1 keyfiyyYti kmYklik etmi_dir. AdYtYn zYllY_dirilYn mYssisYnin ilkin dYyYri >nun btn tYrkib hissYlYrinin nYzYrY al1nmad11 met>dika Ysas1nda mYyyYnlY_dirildi, bu mYssisYlYrin maddi Ymlak1 isY a_1nma nYzYrY al1nmaqla balans dYyYri zrY qiymYtlYndirildi. TYkcY sYhmdar cYmiyyYtin yarad1lma pr>sesi deyil, hYm nizamnamY kapital1n1n f>rmala_mas1, hYm dY sYhmlYrin burax1l1_1 pr>sesi say1lmaqla sYhmlY_mY kifayYt qYdYr dinamik pr>ses kimi 1x1_ edir. lkYmizdY sYhmdar cYmiyyYtlYrin yarad1lmas1 tYcrbYsi dvlYt mYssisYsinin a1q sYhmdar cYmiyyYtY evrilmYsi kimi, ya dvlYt vY ya bYlYdiyyY mYssisYlYrinin zYllY_dirilmYsi sulu kimi sYhmlY_mY anlay1_1n1n f>rmala_mas1na gYtirib 1xard1. Bu isY lkY iqtisadiyyat1n1n bazar mnasibYtlYri _YraitindY sYhmdar cYmiyyYtlYrin f>rmala_mas1n1n spesifik xsusiyyYtini Yks etdirir . Bununla belY, yeni kapitallar1n vY demYli sYhmdarlar1n cYlb >lunmas1 pr>sesi mYssisYnin fYaliyyYtinin btn dvr YrzindY davam edir. Bu hYm digYr _irkYtlYrlY birlY_mYdir, hYm _irkYtin udulmas1, hYm xsusi mYnfYYtin kapitalla_d1r1lmas1, hYm dY sYhmlYrin, istiqrazlar1n, digYr qiymYtli ka1zlar1n emissiyas1d1r. SYhmlY_mY-mYqsYdi sYhmdarlar1n maraqlar1n1n dYnilmYsini, elYcY dY sYhmdar cYmiyyYtin daimi inki_af1n1 tYmin edYn gYlirlYrin al1nmas1 say1lan fYaliyyYt >byektinin yarad1lmas1 n >xlu fiziki vY hquqi _YxslYrin maliyyY vY Ymlak vYsaitlYrinin birlY_dirilmYsinin iqtisadi vY tY_kilati-hquqi mexanizmi say1l1r. FikrimizcY, sYhmdar cYmiyyYtin yarad1lmas1n1n vY fYaliyyYtinin Ysas prinsiplYri a_a1dak1lardan ibarYtdir: - zYruri hYcmdY, tYrkib vY strukturda sYhmdar kapital1n f>rmala_mas1; - hYm _Yxsi maraq mvqeyindYn, hYm dY sYhmdar cYmiyyYtin inki_af1 mvqeyindYn >ptimal idarYetmY qYrarlar1n1 qYbul etmYyY qabil sYhmdarlar1n tYrkibinin f>rmala_d1r1lmas1; - nYzarYt sYhm paketlYrinin sYhmdar cYmiyyYtdY q1sa vY uzunmddYtli investisiya xarakterli pr>qramlar1n hYyata keirilmYsini tYmin etmYyY qabil >lan hquqi vY fiziki _YxslYrdY cYmlY_mYsi; - f>nd bazar1nda sYhmdar cYmiyyYtin qiymYtli ka1zlar1n sYmYrYli dvriyyYsinin tYmin edilmYsi. SYhmdar cYmiyyYtin sYhmlYrinY vYsait q>yulu_unun fYaliyyYtdY >lan Ysasland1rma mexanizmi sYhm YldY edilmYsinin mvcud stimullar1na malikdir ki, bura da hYr _eydYn YvvYl, dividendlYr _YklindY vY mYzYnnY fYrqlYri _YklindY, xsusYn dY sYhm al1_1 vY sat1_1 qiymYtlYrindYki fYrqlYr _YklindY gYlirin al1nmas1 mmknly aiddir. Bu zaman YgYr ilkin stimul al1nan mYnfYYt llYri vasitYsilY sYhmdar cYmiyyYtin fYaliyyYti ilY qar_1l1ql1 YlaqYdY yerlY_irsY, nvbYti stimul qiymYtli ka1zlar bazar1 ilY qar_1l1ql1 YlaqYdY yerlY_ir ki, hYmin bazar1n da inki_af sYviyyYsindYn as1l1 >laraq az vY ya >x dYrYcYdY sYhmdar cYmiyyYtinY vYsait q>yanlar n spekulyativ gYlirin al1nmas1 imkan1 realla_1r. NYzYrY almaq laz1md1r ki, gYlirlYrin al1nmas1n1n mxtYlif alternativ sullar1n1n mvcudluu vacib Ysasland1rma _Yrti kimi yaln1z sadYcY >laraq sYhmdYn gYlirin al1nmas1n1 deyil, hYm dY elY dividendlYrin al1nmas1n1 irYli srr ki, bunlar dep>zit dYrYcYlYrini, istiqrazlara kup>n dYrYcYlYrini, >x_ar qiymYtli ka1zlar zrY >nlara q>yulu_lar1n gYlirliliyinY vY risk dYrYcYsinY grY dividendlYri tb kemi_ >lsun. SYhmdar cYmiyyYtin YmYlY gYlmYsi fazas1nda vY >nun inki_af1n1n ilkin mYrhYlYlYrindY sYhmdarlar1n iqtisadi maraqlar1n1n pri>riteti mmkndr. Lakin sYhmdar kapital1n rentabelliyindYn as1l1 >lan sYhmlYrin gYlirliyi kapital y11m1n1n, investisiya al1nmas1n1n mmknlyn mYyyYn edir ki, bu da z nvbYsindY sYhmdar cYmiyyYtin gYlYcYk inki_af1n1 tYmin edir. CYmiyyYtin inki_af strategiyas1 yeni texn>l>giyaya, avadanl11n YldY >lunmas1na, dvriyyY vYsaitlYrinin tamamlanmas1na mYnfYYtin kapitalla_d1r1lmas1 zYrurYtini _YrtlYndirir. SYhmlY_mY mexanizminin mYhz bu xsusiyyYti inki_af etmi_ bazar iqtisadiyyatl1 lkYlYrdY mYssisYnin zYllY_dirilmYsi sahYsindY dvlYtin fYaliyyYtinin ilkin _Yrti say1l1r. NYzYrY almaq laz1md1r ki, sYhmdar cYmiyyYtin nvbYti fYaliyyYti investisiya layihYlYrinin realla_d1r1lmas1 n az >lmayan vYsaitlYr tYlYb edir ki, >nlar1n da mYnfYYt hesab1na maliyyYlY_dirilmYsi sYhmdarlar1n sYhmlYr zrY gYlirlYrini xeyli azaltmaa qabildir. Bu _Yrait isY z nvbYsindY f>nd bazar1nda cYmiyyYt sYhminin k>tir>vkas1na neqativ tYsir gstYrir. Bu meylin nYticYsi sYhmdar cYmiyyYti tYrYfindYn inn>vasiya layihYlYrinin hYyata keirilmYsi n zYruri vYsaitlYrin ax1ra qYdYr al1nmamas1 >la bilYr, nki yksYk dividendlYr qiymYtli ka1zlar bazar1nda cYmiyyYtin sYhmlYrinY maraq cYlb edir, yeni investisiyalar gYtirir, cYmiyyYtin kreditlY_mYsi zaman1 qarant say1l1r vY s. Btn bunlar s>n nYticYdY _irkYtlYrin sYhmdar kapital1n1n bazar dYyYrinY mYyyYnedici tYsir gstYrir. SYhmdar kapital1ndan istifadYnin sYmYrYliliyinY vY >nun bazar dYyYrinY tYsir gstYrmYyY qabil >lan Ysas amil sYhmdarlar1n sYmYrYli tYrkibinin f>rmala_mas1 say1l1r ki, bu da z hYllinin mxtYlif f>rma vY sullar1na malikdir. Buraya adi, imtiyazl1 vY digYr tip sYhmlYrin emissiya paketinin tYrkibindY k>mbinasiya; nvbYti lYvetmY daxil >lmaqla sYhmdar cYmiyyYt tYrYfindYn emissiya >lunmu_ sYhmlYrin al1nmas1; msabiqY Ysas1nda sYhmlYrin sat1_1 vY s. daxildir. Lakin YgYr QYrbi Avr>pa lkYlYrindY ilkin >laraq sYhmdarlar1n tYrkibinin f>rmala_mas1 vY tYnzimlYnmYsi zaman1 stnlk sYhmdar cYmiyyYtin idarY edilmYsi zYrindY sabit nYzarYti tYmin etmYli >lan iri _irkYtlYr zrY YmanYtilYrin Ysaslar1n1n yarad1lmas1na verilmi_dirsY, MDB lkYlYrindY isY bu mYsYlYnin hYllinY yana_ma mlkiyyYt blmYsinY tabe edilmi_dir. S>n illYrdY lkYmizdY sYhmlY_mY mexanizmlYrinin realla_mas1 sahYsindY meydana 1xan meyllYrin tYhlili bir s1ra qanunauyunluqlar1 a_kara 1xard1. Bir tYrYfdYn, sYhmdar cYmiyyYt zYrindY nYzarYt sYhm paketinin mhkYmlYndirilmYsinY meyl nYzYrY arpd1. DigYr tYrYfdYn, sYhmdar cYmiyyYtlYrin >xunda z mYssisYlYrindY yeni texn>l>giyalar1n tYtbiqi n rYqabYtin tYsiri alt1nda iri investisiyalar1n cYlb >lunmas1 zYruriliyi meydana 1xd1. Bu yeni texn>l>giyalar istehsalda mYhsulun yksYk keyfiyyYtini vY a_a1 xYrjlYri, k>rp>rasiya mYhsullar1n1n sat1_1 vY istifadYsini tYmin edir ki, bu da cYmiyyYtin diversifikasiyas1 zrY tYdbirlYrin apar1lmas1, yeni bazar vY YrazilYrin tYnzimlYnmYsi n vacibdir. 0qtisadi islahatlar1n keYn illYrindY bYzi lkYlYrdY sYnaye vY bank kapital1n1n tYdricYn q>vu_mas1 ba_ vermi_dir. HYm dY bank kapital1n1n znn meydana 1xmas1, yaln1z kemi_ dvlYt xsusi banklar1n bazas1nda meydana gYldiyi hallar istisna >lmaqla, >nun istehsaldan ayr1lmas1n1n nYticYsidir. Bu z ifadYsini iqtisadiyyat1n real sekt>runun mYssisYlYri, elYcY dY Ysas sahYlYrin nazirlik vY idarYlYri tYrYfindYn bir s1ra k>mmersiya banklar1n1n yarad1lmas1nda tapm1_d1r. 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Lakin mtlYq dvlYt ihisarizminin aradan qald1r1lmas1 zYrurYti, elYcY dY rYqabYt bazar1nda tYsYrrfat strukturlar1n1n davaml1l11n1n mhkYmlYndirilmYsi mYqsYdilY fYaliyyYt sferas1n1 diversifikasiya etmYk zYrurYti ilY bal1 digYr hallar1 da nYzYrY almaq laz1md1r (18). Qanunla k>mmersiya banklar1 n dvlYt kmYyi tYdbirlYrindYn daha cYlbedici maliyyY-sYnaye qruplar1 tYrYfindYn z investisiya layihYlYrinin hYyata keirilmYsi n istifadY edilYn investisiya ax1nlar1n1 idarY etmYk imkan1 vard1r. ElY hYmin vaxtda bank hYmi_Y dilemma qar_1s1nda duracaqd1r: ya investisiya pr>qramlar1na resurslar1n mYqsYdli istifadY prinsipinY riayYt etmYk, ya da resurslar1 he >lmasa q1sa mddYt Ysas1nda uzunmddYtli perspektivdY sYmYrY vermYyYn maliyyY bazar1n1n yksYk gYlirli alYtlYrinY ynYltmYk. Bank kapital1 maliyyY-sYnaye qruplar1nda banklar1n aktiv r>lunun tYmin >lunmas1 n a1q-ayd1n kifayYt etmir. Bu qismYn >nunla izah >lunur ki, aktivlYrinin llYrinY grY iri banklar 1998-ci ilin >rtalar1na qYdYr bir neY qrupun tYrkibinY daxil idilYr, YksYr hallarda isY x1rda banklar vY czi miqdarda >rta ll banklar i_tirak edirdilYr. Bu vYziyyYt > fakt1 Yks etdirir ki, sYnaye vY bank kapital1n1n tYmYrkzYl_mYsi sYviyyYsi mqayisYedilmYz >laraq qalmaqda davam edir. HYtta iri yerli k>mmersiya banklar1n1n maliyyY imkanlar1 bir >x maliyyY-sYnaye qruplar1n1n maliyyY ehtiyaclar1na uyun deyildir. MaliyyY bhranlar1, sYhmlY_mY mexanizminin realla_mas1nda burax1lan sYhvlYr dvlYt mYssisYlYrinin zYllY_dirilmYsi bazas1nda yarad1lan sYhmdar kapital1n restrukturizasiyas1n1n tYmin edilmYsindY dvlYtlYrin aktiv r>lunu _YrtlYndirdi. DvlYt indiyY qYdYr dY iqtisadiyyatda inteqrasiya pr>seslYrinY YhYmiyyYtli tYsir gstYrmYkdY davam edir, nki zYllY_dirilYn mYssisYlYrin >xunun iri sYhm paketlYri mvafiq Ymlak f>ndlar1n1n mlkiyyYtindY yerlY_irlYr. Neft hasilat1 vY neft emal1 sYnayesindY _aquli inteqrasiya _irkYtlYrinin yarad1lmas1 inzibati qYrarlar Ysas1nda hYyata keirilir. FikrimizcY, yuxar1da qeyd etdiyimiz vYziyyYt lkYlYrin f>nd bazar1na mYnfi tYsir gstYrmYyY bilmYzdi. BelY ki, bu bazar n haz1rda sYhmlYri k>tir>vka >lunan sYhmdar cYmiyyYtlYrin nisbYtYn az bir miqdarda fYaliyyYti xarakterik hal almaa ba_lay1r. NYticYdY _irkYtlYr haqq1nda keyfiyyYtli inf>rmasiyalar1n at1_mamazl1qlar1 hiss >lunur. Eyni zamanda, sYhmdar cYmiyyYtlYrdY keyifyyYtsiz menecment, yerli mhasibat standartlar1n1n beynYlxalq standartlara uyunsuzluu, zYllY_dirmYnin gedi_indY bir s1ra hallarda k>rrupsiyan1n nYticYlYri hYmin sYhmdar cYmiyyYtlYrin sYhmlYrinY q>yulu_lar1 kifayYt >lmayan qYdYr cYlbedici edir. Lakin qeyd etmYk laz1md1r ki, AzYrbaycan iqtisadiyyat1nda xarici kapital1n i_tirak1 >lmadan da udulma vY birlY_mY f>rmas1nda inteqrasiya pr>sesinin inki_af1 m_ahidY >lunur. Bu zaman hYmin pr>sesin yay1lm1_ sullar1ndan biri kimi sYhmdar _irkYtin b>rcunun >nun sYhmlYrinY mbadilYsi 1x1_ edir. Bu sYhmlYr ya bu mYqsYd n YlavY burax1l1_ sYhmlYridir, ya da ki, _irkYtin balans1nda yerlY_ir. Bu svdYlY_mYlYrin hYyata keirilmYsi mexanizmi k>nkret halda mxtYlif >la bilYr vY sYhmlYrY b>rcun Ysas mYblYinin yenidYn rYsmilY_dirilmYsindYn as1l1d1r, _irkYt isY faizlYrini qaytarmaqda davam edir, ya da faizlYr dY daxil >lmaqla btn mYcmu b>rc yenidYn rYsmilY_dirilir, elYcY dY yenidYn rYsmilY_dirmYyY grY disk>nt vY ya mkafat1n necY >lmas1 mYyyYnlY_dirilir. Seilmi_ yana_madan as1l1 >lmayaraq mYhsul gndYrYn _irkYt b>rclu _irkYt zYrindY, >nun YmtYY vY pul ax1nlar1 zYrindY nYzarYt YldY edir. Eyni zamanda buradan meydana 1xan iqtisadi sYmYrYnin tYdrici _aquli inteqrasiyas1 ba_ verir. FikrimizcY, YgYr sYhmdar cYmiyyYtin b>rcu dnYrli istiqrazlara mbadilY edilirsY, >nda b>rcun b>rca mbadilYsini tYxirY sal1nm1_ sYmYrY ilY birgY udulma vY birlY_mY zrY svdYlY_mYlYrY aid etmYk mYqsYdYuyundur, nki mYyyYn vaxt dvrndYn s>nra istiqraz saxlayan _irkYt bu qiymYtli ka1zlar1 YvvYlcYdYn raz1la_d1r1lm1_ _YrtlYrlY b>rclu _irkYtin sYhmlYrinY dYyi_dirmYk imkan1 al1r. AzYrbaycan iqtisadiyyat1nda milli _irkYtlYr aras1nda hYyata keirilYn udulma vY birlY_mY hakim mvqe tutsa da, fYaliyyYtin ql>balla_d1r1lmas1 vY dnya tYsYrrfat YlaqYlYrinin beyYlmilYllY_dirilmYsi YrivYsindY dY p>tensial mvcuddur. TYcrbY gstYrir ki, udulma vY birlY_mY zrY svdYlY_mYlYr bYzYn gizli vY a1q >lmayan xarakter da_1y1r, maliyyY mYslYhYtilYri cYlb etmYdYn hYyata keirilir, >na grY dY bu, adYtYn min>ritar sYhmdarlar1n hquqlar1n1n p>zulmas1 ilY nYticYlYnir. Qeyd etdiyimiz bu vYziyyYtY baxmayaraq udulma vY birlY_mY zrY svdYlY_mYlYrY Ysaslanan struktur islahatlar pr>sesi getdikcY daha geni_ miqyas al1r, birinci, ikinci vY nc sekt>r da daxil >lmaqla sYnayenin demYk >lar ki, btn sekt>rlar1n1 YhatY edir. Bununla da qeyd etmYk >lar ki, ilkin sekt>run sahYlYri art1q bu vY ya digYr dYrYcYdY birlY_mYnin ilkin mYrhYlYsini kemi_lYr, Yn iri svdYlY_mYlYr isY burada dvlYt mlkiyyYtindY yerlY_Yn _irkYtlYrlY pr>qn>zla_d1r1l1r. na grY dY mtYxYssislYrin qiymYtlYndirmYlYrinY grY, udulma vY birlY_dirmY ilY YlaqYdar daha YhYmiyyYtli transaksiyalar mYhz sYnayenin vY digYr iqtisadiyyat sahYlYrinin ikinci vY nc sekt>rlar1nda m_ahidY >lunacaqd1r. SYhmlY_mYnin ilkin yekunlar1 btn tYrkib hissYlYri nYzYrY al1nmayan zYllY_dirilYn mYssisYlYrin bazar dYyYrinin a_a1 sal1nmas1n1 sbut edir. Bu dvrdY iri institusi>nal invest>rlar1n zYllY_dirilYn mYssisYnin nYzarYt sYhm paketinin YldY >lunmas1na cYhd etmYsi nYzYrY arp1r. Eyni zamanda zYllY_dirilYn mYssisYlYrin YksYriyyYtinin sYhmdar kapital1 mYqbul >lmayan struktura malik idi vY restrukturizasiyaya ehtiyac1 var idi. AzYrbaycanda hYyata keirilYn zYllY_dirmYnin fYrqlYndirici xsusiyyYti >nun s>n dYrYcY q1sa mddYt YrzindY apar1lmas1 >ldu. Bu isY dvlYtY imkan vermir ki, >nlar1n mYssisYlYrinin rYqabYt qabiliyyYtinin yksYldilmYsi zrY >nlar1n ek, s>nra isY art1q hYm dY pul hYrraclar1na sat1_a 1xar1lmas1na qYdYr zYruri tYdbirlYr hYyata keirsin. NYticYdY sYhlY_mY mexanizminin realla_d1r1lmas1n1n nvbYti mYrhYlYsi institusi>nal invest>rlar1n sYhmdar _irkYtlYrin aktiv vY passivlYrin restrukturizasiyas1 zrY fYaliyyYti >lmu_dur. Buraya debit>r vY kredit>r b>rclar1n1n ixtisar1 _YklindY maliyyY salamla_d1r1lmas1 zrY tYdbirlYr dY daxildir ki, bunun da nYticYsindY svdYlY_mYlYrin k>rp>rativ udulma vY birlY_mY zrY miqdar vY hYcmlYrin art1m1 m_ahidY >lunur. Bazar iqtisadiyyat1 _YraitindY udulma vY birlY_mY zrY svdYlY_mYlYrin apar1lmas1 f>nd bazar1nda sYhmdar cYmiyyYtin qiymYtli ka1zlar1n1n dvriyyYsinin gYlirliliyi vasitYsilY sYmYrYliliyin u>tu zYruriliyini mYyyYn edir. Bu zaman pri>ritet istiqamYt kimi kapital y11m1n1n xeyrinY seimin qYbul >lunmas1, sYhmdar cYmiyyYtin fYaliyyYtinin rYqabYt qabiliyyYtliliyi sYviyyYsinin yksYldilmYsini tYmin edYn xarici investisiyalar1n al1nmas1 xsusi YhYmiyyYt kYsb edir. Bu isY _bhYsiz ki, gYlYcYkdY sYhmdar kapital1n bazar dYyYrinin yksYldilmYsinY kmYk etmYlidir. SYhmdarlar1n sYmYrYli tYrkibinin f>rmala_mas1 hYm dY sYhmdar kapital1n istifadY sYmYrYliliyinY vY bununla da >nun bazar dYyYrinY tYsir gstYrmYk iqtidar1ndad1r. Sahibkarl1q fYaliyyYtinin sYhmdar f>rmas1 mexanizmlYrinin realla_d1r1lmas1n1n tYhlili sYnaye vY bank kapital1n1n q>vu_mas1 meylini a_kara 1xard1. Bu meyl stn >laraq milli kapital Ysas1nda vY dvlYtin i_tirak1 vY kmYyi _YraitindY inki_af edirdi. K>mmersiya banklar1 cYmiyyYtin nYzarYt sYhm paketinin sahibliyinY vY belYliklY dY iqtisadiyyat1n real sekt>runa tYsir etmYyY al1_maqla z kapital1n1n likvidliyinin a_a1 sal1nmas1na kmYk edir. Bu _YraitdY maliyyY-sYnaye kapital1n1n inteqrasiyas1 met>du daha evik met>da evrilir. Bizim lkYmizdY bu pr>seslYrY mYyyYn dvlYt kmYyi gstYrilir ki, bunun da istiqamYt vY llYri iqtisadiyyat1n real sekt>runun ehtiyaclar1ndan irYli gYlYn investisiya layihYlYrinin hYyata keirilmYsi n milli bank kapital1n1n a1q-a_kar kifayYt qYdYr >lmamas1 ilY YlaqYdar >laraq daha da geni_lYndirY bilYr. DigYr tYrYfdYn, xalq tYsYrrfat1n1n bir s1ra apar1c1 sahYlYrindY yay1lm1_ inzibati inteqrasiya tYcrbYsinin geni_lYnmYsi mYqsYdYuyun say1l1r, nki >, f>nd bazar1nda AzYrbaycan _irkYtlYrinin sYhmlYrinin k>tir>vkas1na mYnfi tYsir gstYrmYyY qabildir. Bundan ba_qa, udulma vY birlY_mY svdYlY_mYlYri Ysas1nda sYhmlY_mY mexanizminin daha tam realla_d1r1lmas1 n xaricilYr dY daxil >lmaqla iri invest>rlar1n bu svdYlY_mYlYrY cYlb >lunmas1 nYinki mYqsYdYuyundur, hYm dY zYruridir. Bu isY z nvbYsindY tYtbiq sferas1n1n geni_lYnmYsini, elYcY dY k>rp>rativ investisiyala_ma sahYsindY qiymYtlYndirmY fYaliyyYtinin tYkmillY_dirilmYsini zYruri edir. 2.3. MYssisYlYrin bazar dYyYrlYrinin mYyyYn edilmYsinin spesifik xsusiyyYtlYri. SYhmlYrin qiymYtlYndirilmYsi mYsYlYsi >nlar1n hYyat tsikllYri ilY YlaqYdar >lduuna grY sYhmlYrin buraE1lmas1n1, ilkin yerlY_dirilmYsini vY dvriyyYsini YhatY edir. dur ki, sYhmlYrin ilkin qiymYtlYndirilmYsi lkY qanunvericiliyinY grY >nlar1n buraE1l1_1 dvrndY n>minal dYyYrY grY apar1l1r. SYhmin n>minal1  >nun emissiyas1 zaman1 z tYrYfindY gstYrilYn dYyYridir. SYhmdar cYmiyyYtinin btn adi sYhmlYrinin n>minal dYyYri eyni >lmal1 vY bu cYmiyyYtin btn sYhm sahiblYri n bYrabYr hquq tYmin etmYlidir.AdYtYn _irkYtin buraEd11 sYhmlYrin n>minal dYyYri he dY >nun real qiymYtinY tYminat vermir. BelY qiymYti bazar mYyyYn edir. Lakin n>minal dYyYr sYhmin qiymYtinin bir nv istiqamYtlYndiricisi kimi 1E1_ edir vY uzun mddYt sYhmlYrin nvbYti dYyYr qiymYtlYndirmYlYrinin mYyyYn edilmYsi n Ysas say1l1r. S>nra isY sYhmin dYyYr qiymYtlYndirilmYsi >nlar1n ilkin yerlY_dirilmYsi zaman1, emissiya qiymYtini mYyyYn etmYyY zYrurYt yarand1qda ba_ verir. Bu, birinci sYhm sahibinin sYhmi YldY etdiyi vaEt f>rmala_an sYhm qiymYtidir. Dnya lkYlYrinin tYcrbYsindY sYhmlYrin dYyYrinin a_a1dak1 nvlYri fYrqlYndirilir: - N>minal dYyYri. Bu dYyYr sYhm ka1z1 zYrindY yaz1lm1_ dYyYrdir. SYhmlYr SC-nin tYsisilYri aras1nda >nlar1n n>minal dYyYrlYri aras1nda yerlY_dirlir. SC-nin nizamnamY kapital1 isY tYsisilYr aras1nda yerlY_dirilmi_ sYhmlYrin n>minal dYyYrinin cYminY bYrabYr gtrlr. - Mhasibat vY ya balans dYyYri. Bu dYyYr, bir qayda >laraq, SC-nin Ymlak1n1n real dYyYri ilY >nun nizamnamY kapital1n1n n>minal dYyYri aras1ndak1 fYrqY uyun hesablan1r. - Bazar dYyYri. AdYtYn bu dYyYr sYhmlYrin bazarlarda al1n1b-sat1ld11 qiymYtlYrY bYrabYr gtrlr. SYhmin emissiya qiymYti btn ilk al1c1lar n vahiddir, n>minal dYyYri tb keir vY ya >na bYrabYr >lur. SC-nin yarad1lmas1 zaman1 sYhmin dYni_i tYsisilYr tYrYfindYn >nlar1n n>minal dYyYri ilY apar1l1r. Btn s>nrak1 buraE1l1_larda sYhmin realla_d1r1lmas1 bazar qiymYti zrY hYyata keirilir. SYhmlYrin bazar qiymYti f>nd birjalar1ndak1 hYrraclarda mYyyYn edilir. SYhmlYrin 100 n>minal vahidi ilY gtrlYn bazar qiymYti mYzYnnY adlan1r vY a_a1dak1 dsturla hesablan1r:  EMBED Equation.3  EMBED Equation.3  , burada  EMBED Equation.3 -sYhmin mYzYnnYsi,  EMBED Equation.3 -sYhmin bazar qiymYti; EMBED Equation.3 -sYhmin n>minal qiymYti. TYcrbYdY sYhmlYrin birja mYzYnnYsi birja k>tir>vkas1 nYticYsindY mYyyYn edilir, tYlYb vY tYklif aras1nda tarazl1q nisbYtini Yks etdirir. Birja katir>vkas1 isY tYlYb qiymYti(al1c1n1n sYhmi >lmaq istYdiyi qiymYt) vY tYklif qiymYti(sYhm sahiblYrinin >nlar1 satmaq istYdiklYri qiymYt, >fferta) Ysas1nda mYyyYn edilir. SYhmlYrin real sat1_ qiymYti mYhz bu qiymYtlYr aras1nda yerlY_ir. Birjada sYhmlYrin bazar qiymYti gn YrzindY bir neY dYfY dYyi_diyinY grY ilk YmYliyyatlar1n hYyata keirdiyi qiymYt a1l1_ qiymYti, s>n YmYliyyat1n hYyata keirildiyi qiymYt isY balanma qiymYti adlan1r. Emissiya qiymYtinin n>minal dYyYrdYn stn >lan hissYsi emissiya gYliri vY ya emissiya mYdaEili adlan1r. , istehlak mYqsYdi ilY istifadY >luna bilmYz vY SC-nin Esusi kapital1na birlY_dirilmYlidir. Emissiya qiymYti bazar qiymYtindYn a_a1 >la bilYr. Bu, iki sYbYbY grY mmkndr: - YgYr sYhmdar bazar qiymYtindYn 10% gzY_tlY sYhmin YldY >lunmas1 zrY znn malik >lduu stn hququndan istifadY edirsY (bu halda emissiya qiymYti bazar qiymYtinin 90%-ni tY_kil edir); - vasitYi i_tirak edYrkYn YlavY sYhmlYrin yerlY_dirilmYsi hal1nda (emis-siya qiymYti bYrabYrdir bazar qiymYti minus vasitYinin mkafatland1r1lmas1). QiymYtli ka1zlar1n likvid sYmYrYli bazar1nda sYhmin bazar qiymYti dedikdY, hYr bir vaEt an1na balanan svdYlY_mYlYr zrY cari qiymYtlYrlY ifadY >lunan dYyYr ba_a d_lmYlidir. Bazar qiymYti  sYhmin ikinci bazarda al1n1b-sat1ld11 qiymYtdir. SYhmin bazar qiymYtinin hesablanmas1na a_a1dak1 hallarda zYrurYt yaran1r: - sYhmdar cYmiyyYtlYr birlY_dirildikdY vY sYs verYn sYhm paketi al1nd1qda; - sYhmin q>runmas1 n kredit verildikdY; - a1q tipli SC qapal1 tipli SC-yY evrildikdY; - kemi_dY sat1lm1_ _YEsi sYhmlYrin al1nmas1 qYrar1 1Ear1ld1qda; - SC paraland1qda, elYcY dY lYv edildikdY. Birja mYzYnnYsi birja kater>vkas1n1n nYticYsi kimi tYlYb vY tYklifin tarazl1q nisbYti ilY mYyyYn edilir. TYklif qiymYtini (>fferti) sat1c1, tYlYb qiymYtini (bid) isY al1c1 mYyyYn edir. Bazar qiymYti, daha drusu, sYhmin real sat1_ qiymYti, bir qayda >laraq, >nlar1n aras1nda yerlY_ir. SYhmin mYzYnnY qiymYti sYhmlYrY tYlYb byk >lduu zaman tYklif qiymYtinY, sYhmlYr art1q >lduu zaman isY tYlYb qiymYtinY bYrabYr >lur. lkY qanunvericiliyinY grY dividendlYr SC-nin mYnfYYtindYn dYnilir vY >nlar1n mYblYi SC-nin dividend siyasYt1 ilY mYyyYn edilir. Dividend siyasYt1 dedikdY, mYnfYYtin mYyyYn pay1n1n dividendlYrin dYnilmYsinY istiqamYtlYnmYsi haqq1nda sYhmdarlar1n y11nca1 tYrYfindYn qYbul edilYn qYrarlar1n ard1c1ll11 ba_a d_lr. nu da qeyd edYk ki, zYllY_dirmY pr>sesindY yarad1lan sYhmdar cYmiyyYtlYrin YksYriyyYti mYnfYYtin bir hissYsini dividendlYrin dYnilmYsinY tYkcY >na grY ynYldY bilmirlYr ki, >nlar istehsal1n yenidYn qurulmas1 n maliyyY resurslar1na kYskin ehtiyac duyurlar, hYm dY >na grY ki, >nlardan >Eu zYrYrlY i_lYyirlYr. BelY >lan halda elY tYsYvvr yarana bilYr ki, invest>r n bu cr sYhmdar cYmiyyYtlYrinin cYlbedijiliyini Ysasland1rmaq s>n dYrYcY mrYkkYbdir. Lakin iqtisadi YdYbiyyatda M>dilyani vY Miller parad>ksunun mvcudluu yuEar1da qeyd etdiyimiz _bhYlYri da1d1r. BelY ki, bu parad>ksa grY rYqabYt iqtisadiyyat1 _YraitindY dividend siyasYt1 sYhmlYrY q>yulan investisiyan1n sYmYrYliyinY tYsir gstYrmir. Masir f>nd bazar1nda sYhmin qiymYti >na >lan tYlYb vY tYklif aras1nda tarazl11n YldY >lunmas1n1n nYticYsi kimi fasilYsiz >laraq dYyi_ir. Ayd1nd1r ki, bazar qiymYtlYrin sYviyyYsinY SC-nin gYlYcYk gYlirlYrinin u>tuna, >nun dividend siyasYt1nY vY alternativ q>yulu_lar1n sYmYrYliliyi pr>qn>zuna Ysaslanan pr>qn>z qiymYtlYndlirmYlYri dY tYsir gstYrir. BtvlkdY sYhmlYrin dYyYri >Esayl1 amillYrlY mYyyYnlY_dirilir ki, >nlar1n iYrisindY dY, sYhmlYr zrY dYnilYcYk dividendlYrin gzlYnilYn miqdar1 Esusi YhYmiyyYt kYsb edir. B>rc qiymYtli ka1zlardan fYrqli >laraq adi sYhmlYr tYsbit >lunmu_ gYlirlYr gYtirmYdiyinY grY sYhm sahiblYrinin bu sYhmlYr zrY alaca1 dividendlYrin miqdar1n1, EsusYn dY uzunmddYtli perspektiv n kifayYt qYdYr dYqiqliklY pr>qn>zla_d1rmaq >E Ytindir. lakin bu mYsYlYni ayr1ca gtrlm_ _YEslYrin sYhmdar cYmiyyYtinin sYhmlYrinY tYtbiq etmYklY hYll etmYk mmkndr. Bunun n gYlirlYrin p>tensial sYviyyYlYrinin qiymYtlYndirilmYsi sulundan istifadY etmYk mYqsYdYyundur. SYhmi sat1n alm1_ _YEs >nu mYyyYn mddYt zndY saElay1b, s>nra >nu sat1rsa, bu halda sYhmin hesabla_ma qiymYti dY >E_ar qayda ilY tap1la bilYr. D>rudan da, sYhmin sat1ld11 hallarda >na grY al1nan gYlirlYr sahibinY dYnilmi_ dividendlYr seriyalar1n1n vY sYhmin al1n1b-sat1lma qiymYtlYrinin mYblYindY tYklif >lunur. Lakin, belY tYyin >lunan qiymYt, z nvbYsindY, sYhmlYrin al1n1b-sat1lmalar1ndan s>nra gzlYnilYn dividendlYr seriyalar1n1n yekun dYyYrlYrindYn as1l1 >lur. gYr yenidYn sat1lma nYticYsindY sYhmY sahib >lan _YEs sYhmi yenidYn realizY etmYk istYyirsY, >nda >, sYhmi n yeni alq1-satq1 akt1ndan s>nra gzlYnilYn dividendlYr seriyas1n1n yekun dYyYrinY bYrabYr >lan qiymYti ala bilYr. Buna grY dY nYticYdY sYhmin qiymYti gzlYnilYn dividendlYrin s>nsuz sayda seriyalar1n1n yekun dYyYrinY bYrabYr >lur. Adi sYhmlYrin prinsipial qiymYtlYndirilmYsi digYr maliyyY alYtlYrinin qiymYtlYndirilmYsindYn he nY ilY fYrqlYnmir. IstYnilYn aktivin, > cmlYdYn dY adi sYhmlYrin dYyYri aktiv sahibi tYrYfindYn al1nan gYlirlYr aE1n1n1n dYyYri kimi mYyyYn edilir. Lakin apard11m1z tYdqiqatlar nYticYsindY adi sYhmlYrin qiymYtlYndirilmYsinin bYzi EsusiyyYtlYri meydana 1Em1_d1r: Adi sYhm sahibinin gYliri iki f>rmaya malik >la bilYr: dividend vY aktivin mYzYnnY dYyYrinin art1m1, bir qayda >laraq gYlirin bu iki f>rmas1 bir-biri ilY s1E YlaqYdard1rlar. MYyyYn dvr YrzindY adi sYhm sahiblYrinin (_irkYt mlkiyyYtilYrinin) mumi gYliri cari dividend _YklindY dYnY dY bilYr, yeni layihYlYrY yenidYn investisiya >luna da bilYr. Bu isY gYlYcYkdY daha yksYk dividend tYmin edY vY sYhmin mYzYnnY dYyYrinY tYsir gstYrY bilYr. Bu sYhmin sahibi tYrYfindYn al1nan gYlirlYrin gzlYnilYn aE1n1, bir qayda >laraq s>nsuz f>rmada nYzYrdYn keirilir, lakin invest>r maliyyY alYtinY ynYltdiyi sYrmayYni investisiya dvrnn s>nuna, bazar qiymYti zrY sYhmin realla_mas1n1 nYzYrdY tutmaqla istYnilYn mddYtY qiymYtlYndirY bilYr. GYlirlYrin aE1n1 tYsbit >lunmu_ vY ya invest>r n qabaqcadan mYlum >lan kimi say1lm1r. BelY sYhmlYrin qiymYtlYndirilmYsi daha mrYkkYb say1l1r. Burada mrYkkYblik >ndan ibarYtdir ki, mYhz sYhmlYrin dYyYri ilY invest>run p>tensial riski mYhdudla_d1r1lsa da, kredit>rlar1n vY imtiyazl1 sYhm sahiblYrinin iddialar1n1n dYnilmYsindYn s>nra aktivlYrin vY mYnfYYtin bir hissYsinin qal1q tYlYblYri ifadY >lunur. Bununla da adi sYhmlYrY investisiyalar emitent _irkYtin gYlYcYk fYaliyyYtindY riskin vY mkafatland1rman1n blgsn nYzYrdY tutur. Bu, dividendlYr f>rmas1nda p>tensial pul daxil>lmalar1n1n qeyri-mYyyYnliyini yksYldir. Adi sYhmlYrin mlkiyyYtilYri a_a1dak1 mkafat nvlYrini YldY edY bilYrlYr: - pul dividendlYri vY yaxud pul YvYzinY sYhmin YlavY >laraq bl_drlm_ miqdar1 _YklindY; - artan mYnfYYt vasitYsilY xsusi kapital dYyYrinin artmas1; - sYhmin bazar dYyYrinin yksYlmYsi. Adi sYhmlYrin qiymYtlYndirilmYsinY daha birba_a yana_ma bir sYhmY gYlYcYk mYnfYYt mYblYinin qiymYtlYndirilmYsi say1l1r. Bu yana_ma invest>r n qYbul edilYn risk dYrYcYlYri hYddindY gzlYnilYn n>rman1 Yks etdirYn disk>ntla_d1rma dYrYcYsinY uyun >laraq >nun ard1c1l kapitalla_d1r1lmas1 y>lu ilY apar1l1r. Bunu sadY dstur f>rmas1nda a_a1dak1 kimi ifadY etmYk >lar (13):  EMBED Equation.3  , burada  EMBED Equation.3 -bir sYhmin dYyYri; EMBED Equation.3 -bir sYhmY grY pr>qn>zla_d1r1lan mYnfYYt; EMBED Equation.3 -disk>ntla_d1rma dYrYcYsi(invest>run gzlYdiyi n>rma). Pr>qn>zla_d1r1lan mYnfYYt gstYricisindYn istifadY >lunmas1 bir s1ra ciddi praktiki nqsanlara malikdir. gYr _irkYt hYqiqYtYn dY btn mYnfYYti dividendlYr _YklindY bl_drrsY, >nda pr>qn>zla_d1r1lan mYnfYYtin mYblYi hYqiqYtYn sYhmdarlar tYrYfindYn al1nan dividendlYrlY st-stY d_YcYkdir. Bundan YlavY, dstur al1nan mYnfYYtin hYr hans1 p>tensial art1m1ndan vY ya a_a1 enmYsindYn as1l1 >lmamaqla statistik dstur say1l1r. NYhayYt, mYnfYYtin dYyi_mYsinin pr>qn>zla_d1r1lmas1 pr>blemi hYm _irkYt n, >nun fYaliyyYt gstYrdiyi sYnaye sahYsi n Ysas pr>blemlYrdYn biri say1l1r. Adi sYhmlYrin qiymYtlYndirilmYsinY Ysas yana_malardan biri dY gzlYnilYn dividendin kapitalla_d1r1lmas1 say1l1r. DividendlYr bax1m1ndan qiymYtlYndirmYyY yana_ma sYhmY d_Yn gzlYnilYn dividend mYblYinin pr>qn>zla_d1r1lmas1n1 vY s>nra >nun invest>r tYrYfindYn tYtbiq edilYn standart mYnfYYt n>rmas1na uyun disk>ntla_d1r1lmas1n1 nYzYrdY tutur. Adi sYhmlYrY investisiyan1n qiymYtlYndirilmYsi n bir s1ra kifayYt dYrYcYdY sadY m>dellYr i_lYnib haz1rlanm1_d1r ki, bunlar da Ylveri_li maliyyY qYrarlar1n1n qYbul >lunmas1na imkan verirlYr. S>n vaEtlar hYmin m>dellYr aras1nda a_a1dak1lar EsusilY fYrqlYnir: q1samddYtli investisiyalar zaman1 qiymYtlYndirmY m>deli (birmYrhYlYli m>del), uzunmddYtli investisiyalar zaman1 qiymYtlYndirmY m>deli (>EmYrhYlYli m>del), adi sYhmlYrin qiymYtlYndirilmYsinin mumi dividend m>deli. UzunmddYtli investisiyalar zaman1 qiymYtlYndirmY m>deli (>EmYrhYlYli m>del) maliyyY alYtinY daha uzun dvrdY sahibliyi nYzYrdY tutur. Adi sYhmlYrin qiymYtlYndirilmYsinin mumi dividend m>deli s>nsuz sahiblik dvrndY adi sYhmdYn daEil >lan gYlir aE1nlar1n1n qiymYtlYndirilmYsinY Ysaslan1r. >E vaEt tYcrbYdY dividndlYrin dYnilmYsi Earakteri haqq1nda mEtYlif hip>tezlYrdYn istifadY >lunur. n sadY ehtimallardan biri kimi dividendlYrin stabil gYlYcYk aE1n1 gtrlr. Dividend gYlirliyi adYtYn mEtYlif maliyyY-analitik nY_rlYrdY dYrc >lunur. Dividendin art1m tempi kimi >E vaEt sahY mYnfYYtinin >rta art1m tempi gtrlr. BYzYn gYlirlYrin gzlYnilYn aE1n1n1 _Yrti >laraq iki vY ya daha >E sayl1 dvrlYrY blmYk >lar: - gYlYcYk dividendlYrin etibarl1 pr>qn>zunu i_lYyib haz1rlamaa imkan verYn dvr; - dividendin stabil qalmas1 vY ya dayan1ql1 templY art1m1 ehtimal >lunan dvr. Bu halda dividendlYr aE1n1n1n bu gnk dYyYri a_a1dak1lardan tY_kil >lunacaqd1r: - invest>run pr>qn>zla_d1rma dvr YrzindY alma1 nYzYrdY tutduu dividendlYr aE1n1n1n bu gnk dYyYri; - invest>run t+1 dvrndYn ba_layaraq s>nsuzlua qYdYr ald11 dividendlYrin s>nsuz aE1n1n1n bu gnk dYyYri. TYcrbYdY dividendlYrin tYkrar investisiyas1 pr>qramlar1 sYhmlYrin YldY edilmYsinin >E da baha >lmayan suludur ki, >nlar1 mYzYnnYlYri yksYldikdY satmaq da >lar. Ancaq bu meEanizm sYhmlYrlY ticarYtdY yaram1r vY invest>ra imkan vermir ki, sYhmlYrin sat1lmas1 vY ya al1nmas1 n dzgn vaEt sesin. nki sertifikatlar1n al1nmas1 >E y>rucu grndyndYn gedi_atda >E vaEt sYrf edilmYsi ilY nYticYlYnir. na grY dY dividendlYrin tYkrar investisiyas1 pr>qramlar1 YslindY f>nd birjalar1 br>kerlYri ilY birba_a rYqabYtY girmYyY imkan vermir. n >E halda bu pr>qramlar E1rda sYhmdarlar n cYlbedici >lur ki, >nlar sYhmlYrin mYzYnnYsinin dYyi_mYsindY r>l >ynam1rlar. Eyni zamanda qeyd >lunmal1d1r ki, iri investisiya tY_kilatlar1 belY pr>qramlarda i_tirak etmir, ancaq >nlar sYhmlYrY tYlYbin art1r1lmas1na rYvac verYn istYnilYn stimulla_d1r1c1 fYaliyyYti dYstYklYyirlYr. DividendlYrin tYkrar investisiya pr>qramlar1 say1n1n art1r1lmas1 indiki zamanda mzakirY edilYn invest>rlar tYrYfindYn qeydiyyat1 he dY vacib >lmayan pr>qramlarla raz1la_d1r1lmal1d1r. Burada elY bir u>t sistemi nYzYrdY tutulur ki, > sYhmlYr n sertifikat yaz1l1_1n1 YgYr invest>run z sertifikat tYlYb etmYzsY lYv edir. Invest>rlar firmalardan YrizY blanklar1, >nlar1n d>ldurulmas1n1 vY qYbz gndYrmYsini tYlYb edY bilYr. Bu halda firmalar laz1m >lan sYhmlYri YldY edir vY ya yeni sYhmlYr buraE1r. BelY YmYliyyatlar firmalar1n qeydiyyat kitablar1nda Yks etdirilir, invest>ra bu barYdY tYsdiq sYnYdi gndYrilir. Br>kerlYr habelY qeydiyyat daEil >lmayan pr>qramlar zYrindY z m_tYrilYri ilY birgY i_lYyY bilYrlYr. BelY hallarda sYhmlYr n sertifkatlar invest>run tYlYbi zrY 48 saat YrzindY verilir. DividendlYrin mntYzYm vY daimi >laraq art1r1lmas1na al1_an sYhmdarlar dividendlYrin dYnilmYsi haqq1nda mYsYlYlYri hYll edYrkYn i_gzar mvqedYn 1E1_ etmYlidirlYr. Bununla yana_1, qanunvericiliyin tYnzimlYnmYsinY ehtiyac duyulan pr>blemlYr dY mvcuddur. BelY pr>blemlYrY Ealis aktivlYrin standart tYrifi, eks- dividend mddYti qaydalar1 vY s. daEildir. Bir qayda >laraq invest>r maraqlar1 ilY cYmiyyYtin siyasYt1 inki_af strategiyas1 vY taktikas1 ilY YlaqY mYnfYYtin yenidYn Ymlaka investisiyala_d1r1lmas1 y>lu ilY Eeyli mrYkkYbdir vY ilk nvbYdY i_tirak1n1n uzunmddYtli vYzifYlYrin hYllini tYmin etmYk vY uzunmddYtli tYlYbat1 dYmYyY nail >lmaq cYhdi ilY mYyyYn edilir. SYhmdar cYmiyyYtindY mYnfYYtin yenidYn investisiyala_d1r1lmas1 n Ylveri_li atm>sferin f>rmala_mas1 hYr _eydYn YvvYl, cYmiyyYtin uurlu, dayan1ql1 i_lYri ilY, yaE_1 prespektivlYri ilY, elYcY dY invest>rlara inam tYlqin edYn dividend siyasYt1 ilY YlaqYdard1r. Bu cr vYziyyYt cYmiyyYtin yaE_1 gstYricilYri ilY, rentabelliyi ilY, >nun likvidliyi ilY, buraE1lan mYhsula p>zitiv qiymYt dinamikas1 ilY mdafiY >lunur. 0nki_af etmi_ bazar iqtisadiyyatl1 lkYlYrin _irkYtlYri n rblk dividendin dYni_i Yn >E yay1lm1_ bir tYcrbYdir. BelYliklY, Earici _irkYtlYrin dividend siyasYt1 sabit vY yksYk dividend dYni_lYrinY ynYldilmi_ vY s>n nYticYdY sYhmlYrin bazar dYyYrlYrinin yksYldilmYsinY istiqamYtlYnmi_dir. Yaln1z bu cr siyasYt yerli _irkYtlYrY sYhmdarlar1n inam1n1n qazan1lmas1na vY >nlar1n beynYlEalq f>nd bazarlar1na mdaEilY etmYsinY gYtirib 1xara bilYr. Yuxar1da deyilYnlYrdYn belY bir qYnaYtY gYlmYk >lar ki, n>rmal _YraitlYrdY dividendlYrin a_a1 sal1nmas1 _irkYtlYrin bazar mvqelYrini sars1d1r, sYhmdarlarda, kredit>r vY invest>rlarda >nun nfuzunu gzdYn sal1r. %arici _irkYtlYrin >Eu mtlYq kYmiyyYtcY sabit dividendlYr dYmYyY al1_1rlar ki, bunlarda da mYnfYYt tYrYdddlYri Yks >lunmur. Bir s1ra _irkYtlYr bir sYhmY grY sabit, tYsbit >lunmu_ mYnfYYt faizi dYyirlYr. BelY ki, amerika _irkYtlYrindYn biri a_a1dak1 dividend siyasYt1ni yeridir. D>llar _irkYt n, d>llar sYhmdarlar n. DigYr sYhmdar _irkYtlYr isY rblk a_a1 sYviyyYli dividend dYmYyY stnlk verirlYr vY ilin s>nunda YldY >lunan mYnfYYtin real sYviyyYsindYn dividendY YlavYlYr edirlYr. 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C I0;40 3594890BK= ;OL2 >;C=<0AK >=C= 25@M8 BCBC;0= O<O;8990B;0@K B0< 4090=4K@4KLK MF= 3F22O9O <8=8@. !OI<40@ cO<899OB8= 25@M89O cO;1 >;C=0= O<O;8990B;0@K=K= F<C<8 <O1;OL8 O22O;:8 B0< 12 BO328< 09K O@78=4O HO@B8 60000 <8A;8=4O= G>E 4598;AO, >, 35948990BK= 3F22O9O <8=4898 B0@8E4O= 5B810@O= 18@ 8; :5G48:4O= A>=@0:K 8ABO=8;O= 20EB 35948990BK= ;OL2 >;C=<0AK=0 408@ O@87O 25@O 18;O@. /;02O 4O9O@ 25@M8A8=8= <O3AO4;O@8 FGF= 35948990BK= ;OL2 >;C=<0AK 25@M8 >@30=K=0 35948990BK= ;OL2 548;<OA8=O 408@ O@87O=8= 25@8;4898 MF= 3F22O9O <8=8@. 0;;0@K= BO348< 548;<OA8, 8H;O@8= MN@F;<OA8, E84<OB;O@8= MNABO@8;<OA8 2O 25@M8 BCBC;0= 84E0; 25@M8BCB<0 >195:B848@. 5@M84O= 0704 548;O= 84E0; 8AB8A=0 >;C=<03;0 <0;;0@K= 84E0;K 25@M8 BCBC;0= 84E0; A09K;K@. 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O4O= 25@M8A8 4N2;OB 1F4cOA8=O N4O=8;8@. 5@;8 OIO<899OB;8 B8:8=B8 <0B5@80;;0@K F7@O <O4O= 25@M8A8 95@;8 1F4cO9O N4O=8;8@. 5@;8 OIO<899OB;8 B8:8=B8 <0B5@80;;0@K=0 :O@?8c-:8@O<84 M8;;O@8, B8:8=B8 3C<;0@K, GK=3K; E0<<0;K 084 548;8@. /;02O 4O9O@ 25@M8A8 <O3AO4;O@8 FGF= 35948990B0 0;K=<0<KH 2O O22O;:8 FG 09;K3 4N2@ O@78=4O 25@M8 BCBC;0= O<O;8990B;0@K=K= IOc<8 bir tYqvim ili  YrzindY 120000 manatdan 07 >;0= AOI<40@ cO<899OB;O@ A04O;OH48@8;<8H 25@M8 N4O98c8A8 >;<03 IF3C3C=0 <0;8:48@;O@. F;:899OB8=4O 2O 90 8AB8D04OA8=4O >;0= 02B>=O3;8990B 20A8BO;O@8 8;O (159=O;E0;3 9F: 2O AO@=8H8= 40HK<0;0@K 8AB8A=0 >;<03;0) 7O@109c0= 5A?C1;8:0AK=K= O@078A8=4O AO@=8H8= 2O 9C: 40HK<0;0@K=K IO90B0 :5G8@O= AOI<40@ cO<899OB;O@ A04O;OH48@8;<8H 25@M8=8= N4O98c8;O@848@;O@. H0LK40 MNABO@8;O= HOEA;O@8= A04O;OH48@8;<8H 25@M8BCB<0 A8AB5<8=8 BOB183 5B<O: IF3C3C 9>E4C@: - 0:A87;8 <0;;0@ 8AB5IA0;GK;0@K; - :@548B 2O AKL>@B0 BOH:8;0B;0@K, 8=25AB8A890 D>=4;0@K, 389<OB;8 :0LK7;0@ 1070@K=K= ?5HO:0@ 8HB8@0:GK;0@K, ;><10@4;0@; - 359@8-4N2;OB ?5=A890 D>=4;0@K; - O<;0:K= 8c0@O9O 25@8;<OA8=4O= 2O @>90;B84O= MO;8@ O;4O 54O=;O@; - <F;:899OB8=4O >;0= OA0A 2OA08B;O@8= (02B>=O3;8990B 20A8BO;O@8 8AB8A=0 >;<03;0) 8;8= O22O;8=O 30;K3 4O9O@8 HO@B8 <0;899O 20I848=8= 1000000 <8A;8=4O= 0@BK3 >;0=;0@. )5A010B 4N2@F O@78=4O AOI<40@ cO<899OB BO@OD8=4O= BO348< 548;<8H <0;;0@0 2O O<;0:0 MN@O O;4O 548;<8H F<C<8 I0A8;0BK=, I015;O A0BKH40=:O=0@ MO;8@;O@8= IOc<8 25@M8BCB<0 >195:B848@. F;:899OB8=4O 2O 90 8AB8D04OA8=4O >;0= 02B>=O3;8990B 20A8BO;O@8 8;O (159=O;E0;3 9F: 2O AO@=8H8= 40HK<0;0@K 8AB8A=0 >;<03;0) 7O@109c0= 5A?C1;8:0AK=K= O@078A8=4O AO@=8H8= 2O 9C: 40HK<0;0@K=K IO90B0 :5G8@O= AOI<40@ cO<899OB;O@8= <F;:899OB8=4O 2O 90 8AB8D04OA8=4O >;0= 02B>=O3;8990B 20A8BO;O@8 25@M8BCB<0 >;195:B848@. Avt>m>bil nYqliyyat1 vasitYlYrindY (taksi istisna >lmaqla) >turacaq yerlYrinin say1 vY ya yk gtrmY qabiliyyYti avt>m>bil nYqliyyat1 vasitYlYrinin qeydiyyat _YhadYtnamYsinY YsasYn mYyyYn edilir. Avt>m>bil nYqliyyat1 vasitYlYrindYki (taksi istisna >lmaqla) >turacaq yerlYrinin say1 vY ya ykgtrmY qabiliyyYti avt>m>bil nYqliyyat1 vasitYlYrinin qeydiyyat _YhadYtnamYsindY gstYrilmYdikdY, hYmin gstYricilYr mvafiq icra hakimiyyYti >rqan1 tYrYfindYn vergi >rqanlar1na verilmi_ aray1_lar Ysas1nda mYyyYn edilir. turacaq yerlYrinin say1n1 avt>m>bil nYqliyyat1 vasitYlYrinin qeydiyyat _YhadYtnamYsi vY ya Daxili 0_lYr Nazirliyi tYrYfindYn verilmi_ aray1_lar Ysas1nda mYyyYn etmYk mmkn >lmad1qda, sadYlY_dirilmi_ verginin mYblYi yerlYrin faktiki say1na grY mYyyYn edilir. MYnzil tikintisi fYaliyyYti ilY mY_ul >lan _YxslYr tYrYfindYn sadYlY_dirilmi_ vergi vergitutma >byektinin hYr kvadrat metri n 10 manat mYblYinY lkYnin _YhYr vY ray>nlar1n1n YrazilYrinin z>nalar zrY NazirlYr Kabinetinin mYyyYn etdiyi Ymsallar tYtbiq edilmYklY hesablan1r. 0dman mYrc >yunlar1n1n >perat>ru tYrYfindYn >yun i_tirak1lar1ndan qYbul edilmi_ vYsaitdYn 6 faiz dYrYcYsi ilY, idman mYrc >yunlar1n1n sat1c1s1 tYrYfindYn isY >perat>run >na verdiyi k>misy>n haqdan 4 faiz dYrYcYsi ilY sadYlY_dirilmi_ vergi hesablan1r. !04O;OH48@8;<8H 25@M8=8 N4O9O= AOI<40@ cO<899OB O;02O 4O9O@ 25@M8A8=8=, <O=DOOB 25@M8A8=8= 2O O<;0: 25@M8A8=8= N4O98c8A8 >;<C@. 0:K HOIO@8 F7@O A04O;OH48@8;<8H 25@M8=8= 4O@OcOA8 4 D087, 48MO@ HOIO@ 2O @09>=;0@40 2O 0EGK20= CEB0@ 5A?C1;8:0AK=40 2 D08748@. )5A010B 4N2@F FGF= A04O;OH48@8;<8H 25@M8 9CE0@K40 MNABO@8;O= 25@M8 4O@OcO;O@8=8 I5A010B 4N2@F=F= F<C<8 I0A8;0BK=K= IOc<8=O BOB183 5B<O:;O I5A01;0=K@. !04O;OH48@8;<8H 25@M8 FGF= I5A010B 4N2@F @F14F@. !04O;OH48@8;<8H 25@M8=8= N4O98c8A8 >;0= AOI<40@ cO<899OB I5A010B 4N2@F=4O= A>=@0:K 09K= 20-4O: N4O=8;<O;8 >;0= 25@M8=8= <O1;OL8 I033K=40 25@M8 >@30=K=0 1O90==0<O 25@<O;8 2O IO<8= <F44OB4O 25@M8=8 1F4cO9O N4O<O;848@. 3.3 Vergi mexanizmi vY >nun tYkmillY_dirilmYsi. Qeyd etmYk laz1md1r ki, AzYrbaycan Respublikas1n1n masir vergi sistemi dY bazar 0qtisadiyyat1na kemYyin qanunauyun tYlYblYri Ysas1nda inki_af edYrYk f>rmala_m1_d1r. BelY ki, f>rmala_m1_ hesab edilY bilYn vergi sistemimiz iki ba_l1ca s>sial  0qtisadi funksiyan1 yerinY yetirir: 1) bdcY gYlirlYrinin f>rmala_mas1n1 tYmin edilmYsi; 2) lkY Yhalisinin mxtYlif tYbYqYlYrinin gYlirlYrinin f>rmala_mas1 v yenidYn blg nYzYrY al1nmaqla, btvlkdY 0qtisadiyyatda vY >nun ayr1  ayr1 sahYlYrindY ictimai istehsal1n vY istehlak1n tYnzimlYnmYsi n _Yrait yarad1r. Keid 0qtisaddiyat1 _YraitindY vergi sisteminin Ysas1n1 dvlYt vergilYr tY_kil edir. Bu vergi lkY YrazisindY dYnilYn btn vergilYri nYzYrdY tutur v vergiq>yma >byektlYrinY, imtiyazlar1n nvlYrinY vY dYrYcYlYrinY, vergi vY dYmY qaydalar1na, vergi n>rmativ qanunvericilik aktlar1na uyun >laraq fYaliyyYt gstYrir. Qeyd etmYk laz1md1r ki, lkY YrazisindY yerli vergilYr (bYlYdiyyY vergilYri dY) mhm mumi dvlYt YhYmiyyYti kYsb edir. Bu vergilYrdYn istifadY i_i mYyyYn muxtariyyYtY malik >lmaqla, yerli qanunlara vY _YraitY uyun >laraq dYnilsY dY, >nlar1 Ysasland1ran qanun vY n>rmativ aktlar mumi dvlYt qanunlar1na uyun qaydada hYyata keirilir, lkY bdcY gYlirlYrinin f>rmala_mas1 n mhm YhYmiyyYt kYsb edir. Bu YhYmiyyYt yerili bdcYlY n daha yksYkdir. nki yerli bdcYlYrin gYlirlYri xsusi gYlirlYr, dvlYt vY Yrazi tYnzimlYyici vergilYrdYn, rsumlardan ayr1lan hissYlYr hesab1na f>rmala_1r. Btn bunlar haqda BdcY sistemi haqq1nda AzYrbaycan Respublikas1 Qanununun V maddYsindY mYqsYdli bdcY f>ndlar1n1n yarad1lmas1 qaydas1 mYyyYnlY_dirilYrkYn gstYrilir. HYr il n tYrtib edilYn AzYrbaycan Respublikas1n1n DvlYt bdcYsinin icras1 haqq1nda adlanan dvlYt Qanununda isY bdcY vYsaitlYrinin istYr sYrf >lunmas1, istYrsY dY f>rmala_mas1 istiqamYtlYri gstYrilir. Haz1rda AzYrbaycan Respublikas1nda tYtbiq edilYn Vergi MYcYllYsi vergi sistemin tYkmillY_dirmYk, vergilYrin legitimliyinin Ysas mYsYlYlYrini tYnzimlYmYk, vergi hququnun ba_l1ca pr>blemlYrinin hYllinY k>mpleks yana_man1 tYmin etmYk cn sistemlY_dirilmi_ qanunvericilik funsiyas1n1 laz1mi dYrYcYdY yerinY yetirsY dY, > hYlY yenY dY tYkmillY_dirildmYlidir. Dnyan1n 0qtisadi cYhYtdYn inki_af etmi_ lkYlYrindY vergi sisteminin inki_af1n1n ba_l1ca pri>ritetlYrindYn vY Ysas istiqamYtlYrindYn as1l1 >laraq vergiq>yma pr>sesini tYnzim edYn a_a1dak1 ba_l1ca n>rmalar1n tYtbiqinY vYbdcY gYlirlYrinin f>rmala_mas1n1 tYmin edYn vYzifYlYrin hYllinY xsusi fikir verilir: - lkY YrazisindY sabit vY vahid vergi sisteminin qurulmas1, vahid vergi mYkan1 YrivYsindY >nun btn nsrlYrinin qar_1l1ql1 tYsir mexanizminin mYyyYn edilmYsi; - lkYnin etibarl1 mdafiYsinin vY milli tYhlkYsizliyinin tYmin edilmYsi; - mlkiyyYt f>rmas1ndan as1l1 >lmayaraq milli istehsal1n inki_af1nda, lkY 0qtisadiyyat1 n hYyati YhYmiyyYti >lan, perespektivli sahY vY istehsallar1n (xsusilY emaledici sYnayenin) himayY edilmYsi daxili bazar1n inhisar1l1qdan, YdalYtsiz rYqabYtdYn q>runmas1; - lkYnin gYlYcYk inki_af1n1n, >nun 0qtisadi p>tensial1n1n Ysas1 >lan elm, texnika, tYhsil, mYdYniyyYt, sYhiyyY vY s. kimi sahYlYrinin Ylveri_li _YrtlYrlY maliyyYlY_dirilmYsinin tYmin >lunmas1; - kiik vY >rta sahibkarl11n inki_af1na, >nlar1n investisiya fYaliyyYtinin aktivlY_mYsinY, lkYnin milli sYrvYtlYrinin art1r1lmas1na vY Yhalinin hYyat sYviyyYsinin yksYldilmYsinY _Yrait yaradan, zYl sekt>run mYnafeyinin tarazl11n1 tYmin edYn sYmYrYli vergi sisteminin f>rmala_d1r1lmas1; - vergilYrin say1n1n vY mumi vergi yknn azald1lmas1, vergi dYni_lYrinin hYcminin mYyyYn edilmY qaydalar1n1n sadYlY_dirilmYsi, bu sahYdY inki_af etmi_ lkYlYrin tYcrbYsindYn istifadY edilmYsi; - vergi dYyijilYri ilY vergi >rqanlar1 aras1ndak1 qar_1l1ql1 mnasibYt qaydalar1n1n k>dla_d1r1lmas1, vergi p>zuntular1na grY mYsuliyyYt sisteminin tYkmillY_dirilmYsi; - vergi xidmYti vY vergi inzibat1l11n1n sahYlYrindY stimulla_d1rma met>dlar1n1n tYtbiqi. HYr bir lkYdY vergi intizam1n1n >lmas1, yYni verginin vaxt1nda vY qanun tYlYb etdiyi qaydada dYnilmYsi vY bdcY gYlirlYrinin f>rmala_a bilmYsi, belYliklY dY bdcY z xYrjlYrini dYyY bilmYsi n lkYdY maliyyY vYsaitinin at1_mas1 n YvYzedilmYz YhYmiyyYtY malikdir. TYYssf ki, mvcud faktlar1n tYhlili gstYrir ki, bu sahYdY grlmYli i_lYrimiz, yYni vergi intizam1n1n tam f>rmala_mas1 n hYlY dY >x i_lYr grlmYlidir.[6.8.9.] 2007  ci ildY 73,9%, 2009- c ildY 66,6%, s>nralar isY bu gstYrici artm1_ vY 2013 c1 ildY 70,8% tY_kil etmi_dir. Bunlar hYm 0qtisadiyyat1m1z1n getdikcY mhkYmlYndiyini, hYm dY vYtYnda_lar1n vergi intizam1n1n vY vergi t>playan dvlYt >rqanlar1n1n i_inin keyfiyyYt sYviyyYsinin artd11n1 gstYrir. Vergi b>rclar1n1n al1nmas1 sahYsindY grlm_ tYdbirlYr nYticYsindY 1 yanvar 2014-c il tarixY dvlYt bdcYsinY >lan vergi b>rclar1n1n mYblYi 1 yanvar 2012-ci il tarixinY >lan vergi b>rclar1 ilY mqayisYdY 23,8 faiz azalm1_, 2013-c il YrzindY 227 min 480 b>rclu vergi dYyijisinin b>rcu tamamilY lYv edilmi_dir. 2014-c il yanvar ay1n1n 1-nY vergi dYyijilYrinin mumi say1nda b>rclu vergi dYyijilYrinin xsusi Ykisi 3,4 faiz tY_kil etmi_dir. 2013-c ildY vergi dYyijilYrinin dvlYt bdcYsinY b>rclar1n1n dYnilmYsinin tYmin edilmYsi mYqsYdilY vergi >rqanlar1 tYrYfindYn 60700 vergi dYyijisindY Ymlak1n siyah1ya al1nmas1 barYdY qYrar a1lm1_, bu qYrarlar1n 86,8 faizi b>rclar lYv >lunduu n balan1lm1_d1r. Siyah1ya al1nm1_ Ymlaklar1n ixtisasla_d1r1lm1_ a1q hYrracda sat1lmas1 mYqsYdilY mYhkYmYlYrY verilmi_ iddia YrizYlYri zrY 1705,2 min manat mYblYindY vergi b>rclar1 zrY mvafiq mYhkYmY qYtnamYlYri qYbul >lunmu_, a1lm1_ qYrarlar zrY mumilikdY 58,1 mily>n manat mYblYindY vYsaitin dvlYt bdcYsinY dYnilmYsi tYmin edilmi_dir. Keirilmi_ nYzarYt tYdbirlYri zaman1 vergi hdYliklYrini vaxt1nda yerinY yetirmYyYn 454 b>rclu vergi dYyijisinin 63 faizindY qanun p>zuntusu a_kar edilmi_, tYtbiq >lunmu_ maliyyY sanksiyalar1 vY inzibati cYrimYlYrin 89,4 faizinin dvlYt bdcYsinY dYnilmYsi tYmin edilmi_dir.  MYnbY: Statistika K>mitYsinin rYsmi internet sYhifYsi ^Ykil 3.1 DM  un bdcY gYlirlYrinin vY vergi daxil>lmalar1n1n artmas1 dinamikas1 B>rclu fiziki _YxslYrin b>rclar1 zrY tYlYbin >nlar1n mlkiyyYtindY >lan avt>nYqliyyat vasitYlYrinY ynYldilmYsi istiqamYtindY grlm_ tYdbirlYr nYticYsindY 2121 vergi dYyijisinin 1387,6 min manat mYblYindY b>rcunun dvlYt bdcYsinY al1nmas1 tYmin edilmi_, 27 vergi dYyijisinin nYqliyyat vasitYlYri siyah1ya al1nm1_, 1139 vergi dYyijisi tYrYfindYn nYqliyyat vasitYlYri siyah1ya al1nmaya tYqdim edilmYdiyi n >nlar1n zYrinY hYbs q>yulmaqla cYrimY meydanalar1na yerlY_dirilmYsi barYdY mYhkYmY qYrarlar1 qYbul edilmi_dir. Hquqi _YxslYrdY tYsisi (pay1) kimi 1x1_ edYn b>rclu fiziki _YxslYrin b>rclar1n1n hYmin hquqi _YxslYrdYki paylar1ndan tutulmas1 mYqsYdilY 66 b>rclu fiziki _YxsY qar_1 mYhkYmYlYrdY iddialar qald1r1lm1_d1r. HYmin iddialar zrY 49 i_ zrY b>rc mYblYinin hquqi _Yxsin Ymlak1ndak1 pay1na ynYldilmYsi barYdY qYtnamY 1xar1lm1_ vY 8 i_ zrY b>rc mYblYi dYnildiyindYn mvafiq mYhkYmY qYrardadlar1 qYbul >lunmu_dur. B>rc mYblYlYrinin qeyd edilYn mYnbYlYrY ynYldilmYsi barYdY grlm_ tYdbirlYr nYticYsindY hquqi _YxslYrdY tYsisi (pay1) kimi 1x1_ edYn 1224 b>rclu fiziki _Yxs zrY 122,5 min manat mYblYindY b>rclar1n dvlYt bdcYsinY dYnilmYsi tYmin >lunmu_dur. Kiik hYcmdY b>rclar1 >lan vergi dYyijilYri zrY "0nzibati 0craat haqq1nda" qanunun tYlYblYrinY uyun >laraq birba_a icra mYmurlar1na edilYn mraciYtlYr nYticYsindY 3402 vergi dYyijisinin 577,6 min manat mYblYindY b>rclar1 dvlYt bdcYsinYdYnilmi_dir. Vergi >rqanlar1 tYrYfindYn aidiyyYti zrY edilmi_ mraciYtlYr Ysas1nda 29 vergi dYyijisinin lkYdYn getmY hququ mYhkYmY qYrar1 ilY mYhdudla_d1r1lm1_d1r. lbYttY, vergi b>rclular1n1n say1n1n belY azalmas1, hYr _eydYn YvvYl, vergi >rqanlar1n1n hYmin sahYdY apard11 >xtYrYfli tYlYbkarl1q, Yhali iYrisindYki izahatlar vY s. kimi tYdbirlYrin nYticYsidir. Vergi dYyijilYrinin intizaml1l11 da nYticY etibarilY bununla bal1d1r. BelY bir mYsYlYni vurulamaq laz1md1r ki, vergi intizam1n1n p>zulmas1 tYkcY verginin vaxtl1  vaxt1nda, laz1mi hYcmdY dYmYmYsi _YklindY y>x, mYsYlYn, ba_qa bir ad alt1nda bizneslY mY_ul >lmaq _YklindY dY ba_ verir. na grY dY vaxta_1r1 identifikasiya i_i aparmaq laz1m gYlir. Bu vY bir s1r ba_qa met>dlarla tYsYrrfat subyektlYrinin qayda  qanunlara riayYt edib - etmYdiyi, mYyyYn fakt1n gizlYdilib  gizlYdilmYdiyi a_kar edilir. Vergi bazas1n1n geni_lYndirilmYsinY Ysaslanan siyasYt mYhz vergi intizam1n1n, vergi dYrYcYlYri sYviyyYsinin dzgn, >ptimal >lduu bir _YraitdY tam realla_a bilir. S>n illYrin vergi t>planmas1, vergi dYyijilYrinin intizam1n1n yksYlmYsi dY bunu sbut edir. HYm dY vergi bazas1n1n geni_lYnmYsi vergiq>yma >byektlYrinin dYyijilYrinin vergiyY cYlb edilmYsi zaman1 YdalYtlilik, dYqiqlik vY verginin adekvatl11 prinsiplYrinY dzgn YmYl edilmYsini tYlYb edir, >nu nYzYrdY tutur. Vergi dYrYcYlYrinin mmkn >lan tYrzdY a_a1 sal1nmas1 da >x zaman faydal1 >lur. VergidYn YldY edilYn gYlirlYrin strukturuna nYzYr salsaq, >nda VergilY Nazirliyinin xYtti ilY y11lan hissYsinin xsusi cYkisinin 66,7%, gmrk >rqanlar1 xYtti ilY y11lanlar1nk1n1n 16,7% vY sair daxil>lmalar1n xsusi cYkisininki isY 16,6% >lduunu grYrik. BelYliklY, vergi y11lmas1 vY dYnilmYsi intizam1na nYzarYt edilmYsi i_indY ba_l1ca mYsuliyyYt VergilYr Nazirliyinin zYrinY d_r. Qeyd etmYk laz1md1r ki, vergi dYnilmYsi intizam1, ba_qa szlY, vYtYnda_lar1n vergi dYmY sahYsindY z b>clar1n1 yerinY yetirmYsi intizam1 90  c1 illYrdY kifayYt qYdYr a_a1 sYviyyYdY >lmu_, s>n illYrdY isY xeyli dYrYcYdY yax_1la_m1_d1r. Bunu VergilYr Nazirliyinin vergi b>rclar1n1n hYcminin illYr zrY dYyi_mYsi haqq1ndak1 mYlumatlar1 da gstYrir. HY dY >nu da nYzYrY almaq laz1md1r ki, hYr bir ciddi dYyi_iklik zaman1 mYyyYn mddYt YrzindY vergi dYnilmYsi sahYsindY mYyyYn intizam dYyi_mYsi (YksYr hallarda intizam1n pislY_mYsi) dvr >lur vY YvvYlki vYziyyYtY qay1d1_ yaln1z tYdricYn bYrpa >lunur. MYsYlYn, 2006  c1 ilin YvvYlindY yanacaa, enerci da_1y1c1lar1na qiymYtlYrin qald1r1lmas1 zYncirvari _YkildY btn istehsal >lunan mYhsullara >lan qiymYtlYrin dY yksYlmYsinY sYbYb >ldu. ElY buna grY dY Yhali vY sahibkarlar cn ciddi YtinliklYr yaranm1_d1r. BelY vYziyyYt isY z nvbYsindY, vergi dYnilmYsi intizam1 sahYsindY p>zuntular1n vY bdcYyY >lan b>rclar1n miqdar1n1n artmas1 ilY nYticYlYnmi_dir. ZYnnimcY, enerci da_1y1c1lar1n1n qiymYtinin yksYldilmYsini, >nun necY hYyata keirilmYsini dzgn hesab etmYk >x Ytindir. BelY bir _YraitdY vergi intizam1n1n p>zulmas1na qar_1 ciddi tYdbirlYrin grlmYsi isY s>sial gYrginliyi art1ra, geni_ naraz1l1qlar yarada bilYr, - >na grY dY burada ciddi ehtiyatla hYrYkYt etmYk laz1m gYlir. DigYr tYrYfdYn, bu tYlYbkarl11 azaltmaq da bdcYyY atmal1 >lan byk mYblY pul vYsaitindYn Yl YkmYk demYk >lard1. na grY dY vergi siyasYt1ndY bu cYhYtlYr ham1s1 diqqYtlY lclb  biilmYli, nYzYrY al1nmal1d1r. Qeyd etmYk laz1md1r ki, lkY zrY dvlYt bdcYsi layihYsi tYrtib edilYrkYn, vergilYrin planla_d1r1lan mYblYi faktiki vergi y11lmas1 Ymsal1 nYzYrY al1nmaqla mYyyYnlY_dirilir. HYmin Ymsal layihYlY_dirilmi_ vergitutma bazas1ndan as1l1 >lur vY adYtYn mxtYlif vergi nvlYri zrY 60-90% aras1nda dYyi_ir. Vergi dYyijilYrinin mumi vergi yknn gstYricisi vergilYrin y11lmas1 Ymsal1 -nYzYrY al1nmaqla btn bdcYyY vY bdcYdYnkYnar f>ndlara dYmYlYr zrY dYnilmYmi_ vergi b>clar1n1n art1m srYtinY uyun qaydada dzYli_lYr edilmYlidir. BeynYlxalq tYcrbYdY makr>0qtisadi sYviyyYdY vergi yknn mYyyYnlY_dirilmYsi n tYdiyyYilYrdYn tutulan btn vergilYrin vY digYr mYcburi dYni_lYrin mumi daxili mYhsula nisbYtin Ysas1 kimi gtrlr. Bununla YlaqYdar, inki_af etmi_ mxtYlif lkYlYr zrY vergi vY mYcburi ay1rmalar1n mumi daxili mYhsula >lan nisbYtini yrYnmYk cn a_a1dak1 cYdvYlY nYzYr salmaq maraql1d1r: CYdvYl 3.4 0nki_af etmi_ mxtYlif lkYlYr zrY vergi pay1 lkYlYrVergilYrin pay1Vergi vY mYcburi dYni_lYrin pay1Almaniya23,142,9Belika31,146,4Danimarka49,752,8Fransa24,946,3Niderland27,442,9Avstriya26,644,70sve38,154,2Byk Britaniya26,733,90spaniya21,635,5Kanada31,236,3AB^22,831,8Yap>niya18,228,6Rusiya23,131,8MYnbY:  Vergi siyasYt1nin k>nseptual Ysaslar1 vY praktiki aspektlYri kitab1 HYr bir lkYdYki vergi sisteminin sYmYrYli fYaliyyYtini qiymYtlYndirmYk n mumilY_dirilmi_ gstYrici kimi  vergi sisteminin elastikliyi gstYricisindYn istifadY edilir vY istYr mYcmu vergi gYlirlYrinin, istYrsY dY ayr1  ayr1 vergi nvlYrinin YvvYlki ilY nisbYtYn dYyi_mYsinin mumi daxili mYhsulun eyni vaxtda dYyi_mYsinY nisbYti kimi hesablan1r. gYr vergi sistemnin elastikliyi vahiddYn art1q >larsa, demYli vergi gYlirlYri mumi daxili mYhsulun kYmiyyYtindYn daha srYtli templY artmal1d1r. YYni, vergilYrin mumi daxili mYhsulun mYblYinY grY xsusi Ykisi dY tYdricYn artmal1d1r. Lakin >nu da qeyd etmYk laz1md1r ki, vergi sisteminin elastikliyi hesablanarkYn infilyasiyan1n, k>rp>rativ qiymYtlYrin yaranmas1, 0qtisadiyyatda insiharla_ma dYrYcYsi vY sair vacib amillYr nYzYrY al1nm1r. Respublikada 0qtisadiyyat1n ayr1  ayr1 sahYlYrindY istYr vergi ykn, istYrsY dY vergi y11m1n1 xarakterizY edYn gstYricilYr YhYmiyyYtli surYtdY fYrqlYnir. Bunun Ysas sYbYbi ilk nvbYdY, hYmin sahYlYrY aid >lan mYssisYlYrin hYm vergi dYmYk qabiliyyYtinin, hYm dY >nlar1n vergi dYmYkdYn yay1nma imkanlar1n1n fYrqli >lmas1 ilY bal1d1r. MYssisYlYrin vergi dYmYk imkan1n1 xarakterizY edYn Yn mhm gstYrici rentabellik vY ya mYnfYYtlilikdir. KYnd tYsYrrfat1 mYssisYlYrinin YksYriyyYtinin zYrYrlY i_lYmYsi nisbYtYn inand1r1c1 >lsa da, ticarYt vY ictimai-ia_Y mYssisYlYrin YksYriyyYtinin ziyanla i_lYmYsi tam absurddur. Vergi dYmYlYrindYn bir qayda >laraq Yn >x yay1nanlar da ticarY vY ictimai-ia_Y mYssisYlYridir. Masir _YraitdY ba_l1ca YhYmiyyYt kYsb edYn sYnaye, nYqliyyat vY rabitY kimi sahYlYrdY vergi yknn yksYk >lmas1 mYyyYn >byektiv sYbYblYrlY YlaqYdard1r. BelY ki, bu sahYlYrdY Ysas f>ndla silahlanma daha yksYk >lduu n Ymlaka grY vergilYrdYn yay1nmaq praktiki cYhYtdYn >x Ytindir. na grY dY >x zaman vergiq>yma >byekti >lan Ysas f>ndun zn u>tdan yay1nd1r1rlar. Lakin ticarYt vY ictimai-ia_YdY Ysas f>ndla tYhcizat >x a_a1 >lduu n vY vergiq>ymada bu amilin r>lu demYk >lar ki, y>xdur. lkYdY masir _YraitdYki vergi daxil>lmalar1n1n tYhlili gstYrir ki, s>n illYrdY bu sahYdY ciddi mvYffYqiyyYtlYr qazan1lm1_, vergi daxil>lmalar1 artm1_, b>rclu dYyijilYrin say1 xeyli azald1lm1_d1r. KeirilYn identifikasiya tYdbirlYri vY ba_qa tYdbirlYr nYticYsindY zn DV vY ba_qa birba_a vergi dYyijilYri kimi gstYrYn, vergi intizam1n1 p>zan bYzi hquqi vY fiziki _YxslYr a_kar edilmi_, bdcYnin >xlu miqdarda mYhrum >lduu pul vYsaiti bdcYyY qaytar1lm1_d1r. Bunlar tYkcY birba_a vergilYr y>x, d>lay1 vergilYr, xsusi vergilYr vY rsumlar sahYsindY dY a_kar edilmi_, p>zuntular1n Ysas hissYsi aradan qald1r1lm1_d1r. Bu cr faktklar isY vergi >rqanlar1n1n i_inin vY bunun nYticYsi >laraq vergi dYyijilYri intizam1n1n yksYldilmYsi i_inin dzg istiqamYtdY inki_af etdiyini gstYrir. Vergi daxil>lmalar1 sahYsindYki vYziyyYti xarakterizY edYn amillrYdYn biri dY vergilYrin mxtYlif nvlYrinin bdcY gYlirlYrinin f>rmala_mas1ndak1 i_tirak1 fakt1d1r. S>n illYrdY bu sahYdYki vYziyyYt barYdY a_a1dak1 cYdvYlin gstYricilYrindYn mYlumat almaq >lar: CYdvYl 3.5. VergilYrin mumi nvlYr zrY qrupla_d1r1lmas1 Vergi nvlYri0llYr (mlrd. manat)200820092010201120122013A)Birba_a vergilYr3,3953,9472,6962,9103,7703,570B)VasitYli vergilYr1,0001,5651,1801,2711,3871,938C)Sair daxil>lmalar0,1540,2340,2370,1110,3180,517MYnbY: VergilYr Nazirliyinin rYsmi internet sYhifYsi CYdvYlin mYlumatlar1ndan grndy kimi, hYr vergilYr qrupu: birba_a, vasitYlvY ya d>lay1 vergilYr, xsusi rsumlar vY rsumlar bdcYnin gYlirlYrinin f>rmala_mas1nda i_tirak edirlYr. Ilk nYzYrY arpan cYhYt gYlirlYrin f>rmala_mas1nda s>n illYr birba_a vergilYrin r>lunun artmas1 (xsusYn hquqi _YxslYrin dYdiyi mYnfYYt vergisi), vasitYli (d>lay1) vergilYrin xsusi Ykisinin azalmas1d1r. Bu cYhYtdYn neY illYr btn bdcY gYlirlYrinin dY birini tY_kil etmi_ YlavY dYyYr vergisinin xsusi Ykisinin srYtlY azalmas1n1 qeyd etmYk laz1md1r. BelY ki, bu d>lay1 verginin xsusi Ykisi 2008  ci ildY 26,7%, 2009  c ildY 33,6%, 2010  c ildY 30,0%, 2011  ci ildY 29,2% >lduu halda, 2012 c1 ildY >nun xsusi Ykisi 10% - dYn >x azalm1_ vY cYmi 19,1% tY_kil etmi_dir. Uyun >laraq, aksizlYrin xsusi Ykisi dY 2010  ci ildYki 6,9% - dYn 2011  ci ildY 4,8% - Y enmi_dir. 2012-ci ildY isY bu gstYrici 1,6% >lmu_dur. Vergi daxil>lmalar1n1n mumi hYcmi isY 2010  c1 ildY 2714,7 mln. manat, 2011  ci ildY 4549,3 mln. manat, 2012  ci ilin ilk iki ay1nda isY 974,1 mln. manat tY_kil etmi_, YvvYlki ilY nisbYtYn xeyli artm1_d1r. Bu, YlbYttY, tYsadfi xarakter da_1mayaraq, vergi >rqanlar1n1n msbYt fYaliyyYti nYticYsindY hquqi vY fiziki _YxslYrin mYnfYYtdYn vergi kimi mhm vergi nvlYrininin dYnmYsi sahYsind sYmYrYli nYticYlYr YldY edilmYsi ilY YlaqYdard1r. Haz1rda qar_1da duran mhm vYzifYlYrdYn biri sYhimdar cYmiyyYtlYrdY vergi mexanizminin tYkmillY_dirilmYsi mYsYlYsidir. Vergi mexanizminin tYkmillY_dirilmYsi hYm 0qtisadiyyat1n vY hYm dY s>sial hYyat1n Yn mhm, dYrin mYsYlYlYrini YhatY edir. , hYm mumilikdY, hYm dY ayr1  ayr1 vergi nvlYri zrY hYdd n>rmas1n1n mYyyYn edilmYsini, vergilYrin 0qtisadiyyata vY s>sial hYyata Yn >x stimulla_d1r1c1 tYsir gstYrmYsinin Yn >ptimal variant1n1n mYyyYn edilmYsini nYzYrdY tutur. MYlum >lduu kimi, vergilYrin dYrYcYsi vY hYdd n>rmas1 vergi yknn kYmiyyYtini YmYlY gYtirYn mhm amillYrdir. gYr vergi dYrYcYsi hYr bir verginin vergiyY cYlb etmY >byektinin hYr vahidindYn tutulan vergini azalda bilsY, >nda tYsYrrfat subyektinin z sahibkarl1q fYaliyyYtini geni_lYndirmYk n daha >x pul vYsaiti qalar, bu isY hYmin fYaliyyYti stimulla_d1rm1_ >lard1. na grY dY vergi mexanizminin tYkmillY_dirilmYsi y>llar1ndan dan1_arkYn nYzYrY almaq laz1md1r ki, masir vergiq>yma nYzYriyyYsindY Yn mhm pr>blemlYrdYn biri vergiq>yman1n >ptimalla_d1r1lmas1, bunlar1n realla_mas1n1 mYyyYnlY_dirYn vY hYyata keirmYyi tYmin edYn qanunvericiliyi vY >na uyun gYlYn vergi sisteminin zn tYkmillY_dirmYk laz1m gYlir. NT0C Magistr dissertasiyas11nn tYdqiqat1n1n Ysas1nda a_a1dak1 nYticY vY tYkliflYr irYli srlr: 1. SYhmdar kapital1n Ysas1nda birlY_mY vY q>_ulma svdYlY_mYlYrinin vasitYsilY fqi vY _aquli inteqrasiya pr>seslYrinin inki_af1 geni_ vsYt al1r. Bu svdYlY_mYlYrin apar1lmas1 sYhmdar kapital1n bazar dYyYrinin qiymYtlYndirilmYsinin hYyata keirilmYsi zYrurYtini vY mYqsYdYuyunluunu nYzYrdY tutur. BirlY_mY vY q>_ulma sYhmdar kapital1n bir yerdYn ba_qa yerY ax1n1na kmYk edir, iqtisadiyyatda struktur cYhYtdYn yenidYn tY_kil >lunmaa YhYmiyyYtli tYsir gstYrir ki, bu da tYsYrrfat1n iqtisadi sYmYrYliliyinin yksYldilmYsi mYqsYdinin realla_mas1na xidmYt edir. SYhmlY_mYnin ilkin yekunlar1 sbut edir ki, he dY btn tYrkib hissYlYri nYzYrY al1nmayan zYllY_dirilYn mYssisYlYrin bazar dYyYri a_a1 sal1nm1_d1r. Bu dvrdY iri institusi>nal invest>rlar1n zYllY_dirilYn mYssisYnin nYzarYt sYhm paketinin YldY edilmYsinY meyllYr m_ahidY >lunur. 2. zYllY_dirilmi_ sYhmdar cYmiyyYtlYrinin Ysas pr>blemlYrindYn biri >nlar1n yarad1larkYn nYzYrdY tutulmu_ fYaliyyYt istiqamYtlYrinin z aktuall11n1 itirmYsi vY ya haz1rda rentabelsizliyidir. Ba_l1ca sYbYb mYrkYzlY_mi_  planl1 iqtisadiyyatla bazar tipli iqtisadiyyatda mYhsuldar qvvYlYrin yerlY_dirmY prinsiplYri aras1nda ciddi fYrqlYrin >lmas1d1r. GstYrilYn istiqamYtdY mvafiq mal vY ya EidmYt bazar1n1n mvcud durumu ara_d1r1lmal1, nYticYlYrlY bal1 mYssisYlYrY tvsiyyYlYr verilmYli vY sYhmdar mYssisYlYrin z fYaliyyYt istiqamYtlYrini daha gYlirli sahYlYrY dYyi_mYlYri zYruridir. Iqtisadi Inki_af Nazirliyinin yerli qurumlar1 sYviyyYsindY bu i_lYrin mYrkYzlY_mi_ qaydada hYyata keirilmYsi daha mYqsYdYuyundur. FikrimizcY, hYr hans1 mYssisYnin z pr>filini yaE1n bir sahYyY dYyi_mYsi Esusi YhYmiyyYt kYsb edir. BelY ki, mYsYlYn, EidmYt sferas1nda fYaliyyYt gstYrYn bir mYssisYnin istehsal fYaliyyYti ilY mY_ul >lmas1 n iri hYcmli vYsait q>yulu_u tYlYb >luna bilYr. z nvbYsindY bu, tYklif >lunan mal vY ya EidmYtin bazar qiymYtinY tYsir etmYklY >nun rYqabYt qabiliyyYtini azalda bilYr. 3. Masir _YraitdY birlY_mY vY q>_ulma pr>seslYrinin idarY >lunmas1 n makr>iqtisadiyyatda, elYcY dY regi>nlararas1 vY sahYlYraras1 sYviyyYlYrdY maddi vY dYyYr pr>p>rsiyalar1n1n vahidliyini Yks etdirYn dYyYr gstYricilYrindYn daha fYal istifadY etmYk laz1md1r. Bizim lkYmizdY dYyYr gstYricilYrinin i_lYnib haz1rlanmas1 vY istifadYsi, elYcY dY bazar iqtisadiyyat1n1n f>rmala_an tYlYbat1 xalq tYsYrrfat1nda qiymYtlYndirmY fYaliyyYti institutunun fYaliyyYti n >byektiv Ysaslar yarad1rlar. QiymYtlYndirmY institutuna tYlYbat tYkcY zYllY_dirmY zaman1 deyil, hYm dY _irkYtin transaksiyalar1 vY AzYrbaycan iqtisadiyyat1n1n struktur cYhYtdYn yenidYn qurulmas1 ilY bal1 bir >x tYsYrrfat mYsYlYlYrinin hYlli zaman1 meydana 1x1r. Lakin yerli tYcrbY hYminin birlY_mY vY q>_ulma zrY svdYlY_mYlYrin ba_a atd1r1lmas1 zaman1 adi _irkYt sYhmlYrinin qiymYtlYndirilmYsi sahYsindY masir met>dikalar1n natamam istifadYsini nYzYrdY tutur. DvlYt tYrYfindYn antiinhisar tYnzimlYmY vY AR MYrkYzi Bank1 tYrYfindYn pul-kredit tYnzimlYnmYsi birlY_mY vY q>_ulma pr>sesinY birba_a vY d>lay1 tYsir gstYrir ki, bu da btvlk vY taml1q etmir. Bu isY birlY_mY vY q>_ulma pr>seslYrinin hYyata keirilmYsi, elYcY dY >nlar1n qiymYtlYndirilmYsi sahYsindY xarici tYcrbYnin uyunla_d1r1lmas1nda mYyyYn YtinliklYr yarad1r. 4. DividendlYrin invest>r mYnafeyindYn tYkrar investisiyas1 pr>qramlar1 sYhmlYrin YldY edilmYsinin >E da baha >lmayan suludur ki, >nlar1 mYzYnnYlYri yksYldikdY satmaq da >lar. Ancaq bu meEanizm sYhmlYrlY ticarYtdY yaram1r vY invest>ra imkan vermir ki, sYhmlYrin sat1lmas1 vY ya al1nmas1 n dzgn vaEt sesin. nki sertifikatlar1n al1nmas1 >E y>rucu grndyndYn gedi_atda >E vaEt sYrf edilmYsi ilY nYticYlYnir. na grY dY dividendlYrin tYkrar investisiyas1 pr>qramlar1 YslindY f>nd birjalar1 br>kerlYri ilY birba_a rYqabYtY girmYyY imkan vermir. n >E halda bu pr>qramlar E1rda sYhmdarlar n cYlbedici >lur ki, >nlar sYhmlYrin mYzYnnYsinin dYyi_mYsindY r>l >ynam1rlar. 5. !0I81:0@;K3 DO0;899OB8=O BOA8@8 =N3B598 =O7O@8=4O= 25@M8;O@8= @>;C=C= N9@O=8;<OA8 <0:@>83B8A048 AO2899O4O BOAO@@FD0B <F=0A81OB;O@8=8= 4N2;OB BO=78<;O=<OA8 <5E0=87<8=4O 25@M8;O@8= 4N@4 OA0A DC=:A890=K 95@8=O 95B8@4898=8 AN9;O<O9O OA0A 25@8@. 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Dividendin sOhmin bazar qiymOtinO nisbOti bir sOhmO dFHOn dividendin sOhmin cari bazar qiymOtinO nisbOtini gNstOrir. .dOnmO OmsalK sOhmO dFHOn mOnfOOtin sOhmO dFHOn dividendO >lan nisbOtini Oks etdirir. 9. )07K@:K 4N2@4O 7O@109c0= 5A?C1;8:0AK=K= 25@M8 A8AB5<8 N;:O=8= BOAO@@FD0B <5E0=87<8=8= DO0;899OB8=8 BO<8= 548@, 4N2;OB8= BOE8@OA0;K=<07 5IB890c;0@K=K <0;899O;OH48@<O9O 8<:0= 25@8@, 1F4cO :OA8@8=8= 0@BK<K=K= 30@HKAK=K 0;K@, F<C<899OB;O, 1070@ 83B8A048990BK=0 :5G848= 1FBF= BO;O1;O@8=O c0201 25@8@. 10. 7O@109J0= 5A?C1;8:0AK=K= 25@M8 A8AB5<8=8= OA0A EFACA899OB;O@8 0@0H4K@K;<KH4K@. 7O@109c0= 5A?C1;8:0AK=40 <N2cC4 >;0= 18@10H0 25@M8;O@8= AB@C:BC@C=C E0@8c8 N;:O;O@8= 0=0;>j8 AB@C:BC@;0@K 8;O <F3098AO 5BAO:, MN@O@8: :8, 7O@109c0=K= 25@M8 A8AB5<8=8 DO@3;O=48@O= OA0A EFACA899OB D878:8 HOEA;O@4O= BCBC;0= MO;8@ 25@M8A8=8= ?09K=K= =8A1OBO= 0H0LK, <FOAA8AO;O@8= <O=DOOB 25@M8A8=8= ?09K=K= 8AO 9F:AO: >;<0AK=40= 810@OB48@. 11. 5@M8 A8AB5<8=8 AOc899O;O=48@O= OA0A 83B8A048 MNABO@8c8;O@4O= 18@8 25@M8 9F:F4F@. 7O@109c0= 5A?C1;8:0AK=40 25@M8 9F:F=F= AO2899OA8 8=:8H0D 5B<8H N;:O;O@;O <F3098AO4O >;4C3c0 0H0LK4K@. 5;O 18@ 2O7899OB8= D>@<0;0H<0AK=K= 18@ =5GO AO1O18 20@4K@. C=;0@ OA0AO= 25@M8 8=B870<K=K= AO2899OA8=8= 9F:AO: >;<0<0AK, E0;3 BOAO@@FD0BK=K= <FO99O= A0IO;O@8=8= 25@M84O= 0704 548;<OA8 2O A08@48@. 12. !OI<40@ cO<899OB;O@8= N4O48:;O@8 OA0A 20A8BO;8 25@M8;O@ O;02O 4O9O@ 25@M8A8 2O 0:A87;O@48@. 7O@109c0= 5A?C1;8:0AK O@078A8=4O 0:A87;8 <0;;0@K= 8AB5IA0;K 2O 90 84E0;K 8;O <OHLC; >;0= 1FBF= AOI<40@ cO<899OB;O@ 0:A878= N4O98c8;O@848@;O@. !OI<40@ cO<899OB;O@8= N4O48:;O@8 OA0A 18@10H0 25@M8;O@ IF3C38 HOEA;O@8= <O=DOOB 25@M8A8, O<;0: 25@M8A8, B>@?03 25@M8A8, 9>; 25@M8A8 2O <O4O= 25@M8A848@. !OI<40@ cO<899OB;O@ A04O;OH48@8;<8H 25@8M8=8= N4O98c8;O@8 4O >;0 18;O@;O@. !OI<40@ cO<899OB8= <O=DOOB8 >=C= MO;8@8 8;O MO;8@4O= GKEK;0= EO@c;O@8 0@0AK=40:K DO@348@. !OI<40@ cO<899OB8= <O=DOOB8=4O= 20 D087 4O@OcOA8 8;O 25@M8 BCBC;C@. !OI<40@ cO<899OB;O@ N4O48:;O@8 482845=4;O@4O= N4O<O <O=1O98=4O 10 D087 4O@OcOA8 8;O 25@M8 BCBC;C@. C 8AO > 45<O:48@ :8, AOI<40@ cO<899OB8= <O=DOOB8 AOI<40@0 G0B0=0 :8<8 8:830B 25@M84O= :5G8@. 0;0=AK=40 OA0A 2OA08B;O@ >;0= AOI<40@ cO<899OB;O@ O<;0: 25@M8A8=8= N4O98c8;O@848@. !OI<40@ cO<899OB8= 10;0=AK=40 >;0= OA0A 2OA08B;O@8= >@B0 8;;8: 4O9O@8 25@M8BCB<0 >195:B848@. 7O@109c0= 5A?C1;8:0AK=K= O@078A8=4O <F;:899OB8=4O 2O 90 8AB8D04OA8=4O B>@?03 A0IOA8 >;0= AOI<40@ cO<899OB B>@?03 25@M8A8=8= N4O98c8A848@. !OI<40@ cO<899OB;O@8= <F;:899OB8=4O 2O 90 8AB8D04OA8=4O B>@?03 A0IOA8 25@M8BCB<0 >195:B8 A09K;K@. Qeyd edilYn vergi nvlYrinin daim tYkmillY_dirilmYsi diqqYt mYrkYzindY >lmal1d1r. DB0YYAT AzYrbaycan Respublikas1n1n Vergi MYcYllYsi, Bak1, 2016.  2016-ci il dvlYt bdcYsi haqq1nda AzYrbaycan Respublikas1n1n Qanunu D.A. Ba1r>v Vergi nYzarYti. Bak1, 2006 F..MYmmYd>v,A.F.Musayev,M.M.Sad1q>v,Y.A.KYlbiyev,Z.H.Rzayev VergilYr vY vergitutma. DYrslik.2010. Y.A.KYlbiyev. Vergi siyasYt1nin k>nseptual Ysaslar1 vY praktiki aspektlYri. Bak1. 2012. 0.M.Rzayev. Regi>nlar1n davaml1 s>sial-iqtisadi inki_af1nda vergi amilinin r>lu. AzYrbaycan1n vergi xYbYrlYri jurnal1 10say1l1, 2009-cu il tarixli. T..Sad1q>v.,0.Rzayev. Vergi ucutu vY auditi. DYrslik.2014.Bak1Y 0.M.Rzayev. Az1rbaycan Respublikas1nda regi>nlar1n davaml1 s>sial-iqtisadi inki_af1: mvcud vYziyyYt vY gYlYcYk perspektivlYr. Bak1-2010. !.. >2H>28G., .. !>:>;>2A:89 K?CA:, =0;>38 8 :@820O 0DD5@0 // -:>=><8:0 8 <0B5<0B8G5A:85 <5B>4K. 1994. ".K?.3 ..0?8B>=5=:> =D;OF8>==K9 A4283 =0;>3>2>9 AB02:8 =0 :@82>9 0DD5@0 //-:>=><8:0 8 B5E=>;>38O: <5c2C7>2A:89 A1>@=8: =0CG=KE B@C4>2. .: -, 1994 .. 0;0F:89 0DD5@>2K MDD5:BK 8 D8=0=A>2K5 :@8B5@88 M:>=><8G5A:>9 45OB5;L=>AB8 // 8@>20O M:>=><8:0 8 <5c4C=0@>4=K5 >B=>H5=8O, 1997, !11 .. 0;0F:89 ">G:8 0DD5@0 8 8E :>;8G5AB25==0O >F5=:0 // 8@>20O M:>=><8:0 8 <5c4C=0@>4=K5 >B=>H5=8O, 1999, !12 /. . 0=3CA .., 0BKH52 .. 5@5A5F:89 -:>=><5B@8:0 , 2004 ..!>:>;>2A:89 >4>E>4=K9 =0;>3 8 M:>=><8G5A:85 ?>2545=85 // -, 1989, 3.25. 2.4. ..0;0F:89 0DD5@>2K MDD5:BK 8 D8=0=A>2K5 :@8B5@88 M:>=><8G5A:>9 45OB5;L=>AB8 // 8@>20O M:>=><8:0 8 <5c4C=0@>4=K5 >B=>H5=8O, 1997, !11 ..0;0F:89 0;>3 =0 8<CI5AB2> D8@< 8 =0:>?;5=85 >A=>2=>3> :0?8B0;0 // 8@>20O M:>=><8:0 8 <5c4C=0@>4=K5 >B=>H5=8O, 1999, !3 .. 0:H8=A:0A., .. e4>2 !..,0@e;8=0 @02>2>e @e3C;8@>20=8e 4eOBe;L=>AB8 0:F8>=e@=KE >1IeAB2 (:F8>=e@=>e ?@02>) #Ge1=>e ?>A>18e, >4 @e4. E.. C18=0. >A:20, 740Be;LAB2> e@:0;>, 1999 C7>20 .., 0E>28:>20 .., "e@eE>20 .. ><<e@GeA:0O >Fe=:0 8=2eAB8F89. >4 @e4. EA8?>20 .E. -!. 8Be@, 2003 e;Oe20 .., -A:8=40@>2 .. 0?8B0; D8=0=A>2>-?@><KH;e==KE :>@?>@0B82=KE AB@C:BC@. "e>@8O 8 ?@0:B8:0. >A:20. $8=0=A>20O 0:04e<8O ?@8 @028Be;LAB2e $, 1998 -./. @535;L 5@2>=0G0;L=>5 =0:>?;5=85 :0?8B0;0. #G51=>5 ?>A>185. .:74-2> , 1961, A.28. >=Fe2 .. :F8>=e@=>e >1IeAB20. @02>2Ke >A=>2K. <CIeAB2e==Ke >B=>He=8O. 0I8B0 ?@02 0:F8>=e@>2 >A:20, 740Be;LAB2> AL-89, 2003. 221A. .. C4@OH>2 -<8AA8O 0:F89 2 0:F8>=e@=>< >1IeAB2e: ?@0:B8GeA:89 0A?e:B. 740Be;LAB2> !>2@e<e==0O M:>=><8:0 8 ?@02>; >A:20, 2003. 312A. .., >20;e2 . 0?K;>2. :F8>=e@=>e >1IeAB2> 2 A2eBe =>2>3> 70:>=>40Be;LAB20. G0ABL 2, >A:20, &e=B@ M:>=><8:8 8 <0@:eB8=30, 2001. 1. www.azstat.>rg 2. www.ec>n>mist.c>m 3. www.iqtisadiyyat.c>m 4. www.maliyye.g>v.az 5. www.taxes.g>v.az 6. www.taxp>licycenter.>rg AzYrbaycan DvlYt 0qtisad Universitetinin MM-nin Magistri Xanlar>va Gnel QYrib q1z1n1n  SYhmdar cYmiyyYtlYrdY vergitutma mYsYlYlYri mvzusunda magistr dissertasiyas1na XLAS Dissertasiya i_indY sYhmdar cYmiyyYtlYrdY vergitutman1n bir s1ra pr>blemlYri vY lkYnin inki_af1nda vergi siyasYt1nin r>lu Ytrafl1 _YkildY _Yrh edilmi_dir. Vergi siyasYt1nin nYzYri vY met>d>l>ji mYsYlYlYri vY lkYnin iqtisadi inki_af1nda >nun r>lu, masir dvrdY AzYrbaycan Respublikas1n1n vergi sisteminin f>rmala_mas1 xsusiyyYtlYri _Yrh edilmi_dir. SYhmdar cYmiyyYtlYrdY vergilYrin dYnilmYsinin spesifik xsusiyyYtlYri, vergi p>tensial1n1n qiymYtlYndirilmYsi met>d>l>giyas1n1n haz1rlanmas1 mYqsYdilY >nun qiymYtlYndirilmYsi sullar1n1n i_lYnib haz1rlanmas1, cYhmdar kapital1n f>rmala_mas1 >nun lkYnin s>sial-iqtisadi inki_af1na tYsirinin qiymYtlYndirilmYsi vY >nun >ptimalla_d1r1lmas1 mYsYlYlYrinin hYlli,sYhmdar cYmiyyYtlYri tYrYfindYn dYnilYn vergilYr tYdqiqat i_inin mYqsYdini tY_kil edir. Dissertasiya i_indY sYhmdar cYmiyyYtlYrdY sYhmdar kapital1nf>rmala_mas1,>nlarda vergitutman1n xsusiyyYtlYri,birba_a, d>lay1 vY dYmY mYnbYyindYn vergilYrin tutulmas1,>nlarda maliyyY vY vergi p>tensial1n1n qiymYtlYndirilmYsi mYsYlYlYri vY pr>qn>zpr>qn>zla_d1r1lmas1n1n hYyata keirilmi_ vY AzYrbaycan Respublikas1n1n vergi p>tensial1n1n qiymYtlYndirilmYsi met>d>l>giyas1 haz1rlanm1_d1r . 038AB@ 75@1094c0=A:89 3>AC40@AB25==K9 M:>=><8G5A:>3> C=825@A8B5B0 ?> & %0=;0@>20 N=5;L 0@81 3K7K <038AB5@A:0O 48AA5@B0F8O =0 B5<C ">?@>AK =0;>3>>1;>c5=8O 0:F8>=5@=>3> >1I5AB20 ". ==>B0F8O  48AA5@B0F88 C:070=>, @O4 2>?@>A>2 =0;>3>>1;>c5=8O 8 @0728B85 0:F8>=5@=KE >1I5AB2 2 @>;8 =0;>3>2>9 ?>;8B8:8.  48AA5@B0F88 C:070=> B5>@5B8G5A:85 8 <5B>4>;>38G5A:85 2>?@>AK =0;>3>2>9 ?>;8B8:8 8 53> @>;L 2 M:>=><8G5A:>< @0728B88 AB@0=K, >?8A0=K D>@<8@>20=85 A>2@5<5==KE >A>15==>AB59 =0;>3>2>9 A8AB5<K. 0=> :>=:@5B=K5 E0@0:B5@8AB8:8 0:F8>=5@=KE :><?0=89 2 >1;0AB8 =0;>3>>1;>c5=88, ?>B5=F80;0 =0;>3>2>9 >F5=:8, 8AA;54>20=> <5B>4>;>388, GB>1K @07@01>B0BL <5B>4K >F5=:8, D>@<8@>20=85 :0?8B0;0 8 0:F88 >F5=820BL 2;8O=85 A>F80;L=>-M:>=><8G5A:>3> @0728B8O AB@0=K 8 55 >?B8<870F88. &5;L 8AA;54>20=8O 2 48AA5@B0F88 O2;ONBAO =0;>38, 2K?;0G8205<K5 0:F8>=5@=KE :><?0=89.  48AA5@B0F8>==>9 @01>B5 >?@545;5=> C45@c0=85 =0;>3>2 2 0:F8>=5@=KE >1I5AB2, B0:8E :0: :0: ?@O<KE 8 :>A25==KE =0;>3>2, B0:c5 @0AA<>B@5=K D8=0=A>2K5 8 =0;>3>2K5 2>?@>AK, <5B>4>;>388 >F5=:8 =0;>3>2>3> ?>B5=F80;0, >F5=:8 ?@>3=>78@>20=8O. The master Azerbaijani state ec>n>mic university >n Centre >f Master`s Degree Khanlar>va Gunel Garib the master thesis >n a subject "Questi>ns >f the taxati>n >f j>int-st>ck c>mpany". Resume In the thesis it is specified, a number >f questi>ns >f the taxati>n and devel>pment >f j>int-st>ck c>mpanies as a tax p>licy. In the thesis it is specified the>retical and meth>d>l>gical questi>ns >f a tax p>licy and its r>le in ec>n>mic devel>pment >f the c>untry, are described f>rmati>n >f m>dern features >f tax system. It is given c>ncrete characteristics >f j>int st>ck c>mpanies in area the taxati>n, the p>tential >f a tax assessment, it is investigated meth>d>l>gies t> devel>p assessment meth>ds, f>rmati>n >f the capital and an acti>n t> estimate influence >f s>cial and ec>n>mic devel>pment >f the c>untry and its >ptimizati>n. A research >bjective in the thesis the taxes paid j>int st>ck c>mpanies are. In dissertati>n w>rk deducti>n >f taxes in j>int-st>ck c>mpanies, such as as straight lines and indirect taxes is defined, financial and tax questi>ns, meth>d>l>gies >f an assessment >f tax p>tential, a f>recasting assessment are als> c>nsidered. AzYrbaycan DvlYt 0qtisad Universitetinin MM-nin Magistri Xanlar>va Gnel QYrib q1z1n1n  SYhmdar cYmiyyYtlYrdY vergitutma mYsYlYlYri mvzusunda magistr dissertasiyas1na R E F E R A T AzYrbaycan Respublikas1 iqtisadiyyat1 s>n bir neY ildY yksYk srYtlY inki_af edir. MhtYrYm prezidentimiz cYnab 0lham liyevin rYhbYrliyi altmda apar1lan uurlu iqtisadi siyasYt z bYhrYlYrini vermYkdYdir.2015-ci il YrzindY respublikam1zda DM istehsal1 tYn ilin mvafiq dvr ilY mqayisYdY 1,1 faiz artaraq 54,4 milyard manat tY_kil etmi_dir. Bu dvrdY iqtisadiyyat1n qeyri-neft sekt>runda YlavY dYyYr 1,2 faiz artm1_, >nun DM-dY xsusi Ykisi s>n 5 ildY 51,2 faizdYn 69,3 faizYdYk yksYlmi_dir. Mvafiq >laraq mumi daxili mYhsulun 30,7 faizi neft-qaz istehsal1 vY emal1 sahYlYrinin pay1na d_m_ vY YvvYlki ilY nisbYtYn 1,1 faiz artm1_d1r.mumi daxili mYhsulun Yhalinin hYr nYfYrinY d_Yn hYcmi 5 703,7 manata bYrabYr >lmu_dur. 2015-ci ildY dvlYt bdcYsinin gYlirlYri 19 milyard 438,0 mily>n manat pr>qn>za qar_1 17 milyard 153,2 mily>n manat vY ya pr>qn>z 88,2 faiz yerinY yetirilmi_dir.BdcYnin xYrjlYri isY pr>qn>za nisbYtYn 84,3 faiz vY yaxud 17 milyard 786,8 mily>n manat icra >lunmu_dur. AzYrbaycan Respublikas1n1n bdcY sistemi YsasYn DvlYt bdcYsi hesab1na tY_kil >lunur. DvlYt bdcYsinin mYqsYdi lkYnin iqtisadi, s>sial vY digYr strateji pr>qramlar1n1n vY pr>bremlYrinin hYlli, dvlYtin funksiyalar1n1n hYyata keirilmYsi n qanunvericiliklY mYyyYn edilmi_ qaydada maliyyY vYsaitinin t>planmas1n1 vY istifadYsini tYmin etmYkdir. AzYrbaycan Respublikas1n1n yeni iqtisadi sistemY kemYsi bdcY sisteminin qurulu_u, >nun tY_kili prinsiplYrini, bdcY hYlqYlYri aras1ndak1 qar_1l1ql1 mnasibYtlYri kYskin surYtdY dYyi_dirdi. BdcY quruculuundak1 dYyi_ikliklYr respublikan1n s>sial-iqtisadi inki_af1nda da mhm dYyi_iklYr YmYlY gYtirdi. GYlirlYrin vY xYrjlYrin qurulu_undak1 dYyi_iklYr, >nlar1n mumdnya standartlar1n1n tYlYblYrinY uyunla_d1r1lmas1 respublikada budcYnin s>sial r>lunun art1r1lmas1nda ifadY >lunmaa ba_lad1. BdcYnin hYminin iqtisadi r>lu da mhm YhYmiyyYt kYsb etmYyY ba_lad1. Kecid dvrndYki YtinliklYr, xsusilY sahibkarl11n inki_af1 vY xsusi mlkiyyYtY keid n maddi ilkin _YrtlYrin yarad1lmas1 yaln1z dvlYtin kmYyi vY nYzarYti _YraitindY >la bilYrdi. BdcYnin mahiyyYti vY funkisiyalar1nda YmYlY gYlYn dYyi_ikliklYrdYn biri dY bYlYdiyyYlYrin bdcYlYrinin tY_kili zrY yeni qaydalar1n mYyyYn edilmYsi vY mYrkYzi bdcY ilY >nlar1n aras1nda zvi YlaqYlYrin f>rmala_mas1d1r. BYlYdiyyYlYr YslindY s>sial-mYdYni tYdbirlYrin xeyli hissYsini z zYrinY gtrYrYk bdcYnin qurulu_unda Ysasl1 dYyi_ikliklYrY gYtirib 1xaracaq idarYetmY hYlqYsinY evrilirlYr. BdcYnin mahiyyYt dYyi_ikliklYrindYn biridY >nun getdikcY daha >x s>sial vY investisiya ynml >lmas1d1r. BdcY xYrjlYrinin tYrkibindY s>sial vY investisiya xYrjlYrinin xsusi Ykisinin ilbYil >xalmas1 bunu sbut edir. Respublikam1z1n iqtisadiyyat1nda bazar mnasibYtlYri _YraitindY, bu mnasibYtlYrin tYnzimlYnmYsindY vY dvlYt bdcYsinin mYdaxil hissYsinin f>rmala_mas1nda vergilYrin r>lu art1r, yeni iqtisadi mnasibYtlYr _YraitindY prinsipial cYhYtcY yeni vergi siyasYt1nin hYyata keirilmYsi, dvlYt bdcYsinY atas1 vergilYrin vY digYr icbari dYni_lYrin tam vY vaxt1nda sYfYrbYr >lunmas1 istiqamYtindY mYqsYdynl tYdbirlYr hYyata keirilir. Bu bax1mdan  SYhmdar cYmiyyYtlYrdY vergitutma mYsYlYlYri mvzusu >lduqca aktuald1r. Bu sahYdY tYhlillYrin, ara_d1rmal ar1n apar1lmas1na ehtiyac duyulur. Dissertasiyan1n yrYnilmY sYviyyYsi. lkYnin maliyyY vY > cmlYdYn, vergi p>tensial1n1n mYyyYn >lunmas1 sullar1, sYhimdar cYmiyyYtlYrdY vergitutma mYsYlYlYrinin f>rmala_mas1 mYsYlYlYri iqtisad elminin tYdqiq >lunmam1_ sahYlYrindYn biridir. TYdqiq >lunan elmi tYdqiqat i_i zrY xarici lkY alimlYrindYn Yutkina T.Y., Milyak>v N.V., Sut1rin S.F., Q>rbun>v A.R., Dernberq R.L., Rusak>v>y Q.0., KnyazevaV.Q., Kva_i Y.F., '5@=8: ., Br1zqalinA.V., vY s., AzYrbaycan iqtisad1-alimlYrindYn Musayev A., HYsYnli M., Ba1r>v D., Sad1q>v M., KYlbiyev Y. vY digYrlYrinin YsYrlYrini gstYrmYk >lar. Bu YsYrlYrin tYhlili gstYrir ki, sYhmdar cYmiyyYtlYrdY maliyyY vY vergi p>tensial1n1n f>rmala_mas1, qiymYtlYndirilmYsi vY pr>qn>zla_d1r1lmas1 istiqamYtindY elmi-tYdqiqat i_lYri apar1lm1_, lakin vergi p>tensial1n1n qiymYtlYndirilmYsi met>d>l>giyas1n1n haz1rlanmas1 mYsYlYlYri bu i_lYrdY tam z hYllini tapmam1_d1r. Btn bunlar da qar_1ya q>yulmu_ pr>blemin aktuall11na vY elmi yeniliyinY dYlalYt edir. Dissertasiyan1n mYqsYdi. SYhmdar cYmiyyYtlYrdY vergilYrin dYnilmYsinin spesifik xsusiyyYtlYri, vergi p>tensial1n1n qiymYtlYndirilmYsi met>d>l>giyas1n1n haz1rlanmas1 mYqsYdilY >nun qiymYtlYndirilmYsi sullar1n1n i_lYnib haz1rlanmas1, cYhmdar kapital1n f>rmala_mas1 >nun lkYnin s>sial-iqtisadi inki_af1na tYsirinin qiymYtlYndirilmYsi vY >nun >ptimalla_d1r1lmas1 mYsYlYlYrinin hYlli,sYhmdar cYmiyyYtlYri tYrYfindYn dYnilYn vergilYr tYdqiqat i_inin mYqsYdini tY_kil edir. Bu mYqsYdlYrY nail >lmaq n a_a1dak1 mYsYlYlYrin hYlli mYqsYdYuyun say1l1r: - AzYrbaycan1n s>sial-iqtisadi inki_af1n1n tYhlili nYticYsindY vergi p>tensial1n1n vergi yknn parametrlYrinin qiymYtlYndirilmYsinldY istifadY edilmYsi; - AzYrbaycanda hYyata keirilYn vergi siyasYt1nin nYticYlYrinin tYhlili; - sYhdar cYmiyyYtlYrdY vergi p>tensial1n1n nYzYri vY met>d>l>ji Ysaslar1n1n yrYnilmYsi vY >na tYsir edYn amillYrin mYyyYn edilmYsi; - sYhmdar cYmiyyYtlYrdY vergi p>tensial1n1n pr>qn>zla_d1r1lmas1; - sYhmdar cYmiyyYtlYrdY >ptimal vergi rejiminin mYyyYn edilmYsi; - sYhimdar cYmiyyYtlYrin vergiyY cYlb edilmYsinin Ysas xsusiyyYtlYri, >larda vsitYli vergilYrin hesablanmas1 vY dYnilmYsi spesifikliyi, sYhimdar cYmiyyYtlYrindY bir-ba_a vergilYrin hesablanmas1 vY dYnilmYsi xsusiyyYtlYri, dYmY mYnbYyindYn vergilYrin tutulmas1 ; - sYhmdar cYmiyyYtlYrdY vergi mexanizmi vY >nun tYkmillY_dirilmYsi istiqamYtlYrinin mYyyYn edilmYsi; - vergi p>tensial1n1n qiymYtlYndirilmYsi met>d>l>giyas1n1n haz1rlanmas1. TYdqiqat1n >byekti sYhmdar cYmiyyYtlYrdY vergitutma mYsYlYlYri, sYhdar kapital vY s>sial-iqtisadi inki_afda >nun maliyyY vY vergi p>tensial1, vergi yk gstYricilYri, predmeti isY sYhmdar cYmiyyYtlYrin vergi p>tensial1n1n vY >ptimal vergi rejiminin bdcY gYlirlYrinY tYsirinin mYyyYn edilmYsinin tYdqiqi, pr>qn>zla_d1r1lmas1 vY riyazi-iqtisadi m>dellYr vasitYsi ilY vergi p>tensial1n1n qiymYtlYndirilmYsidir. Dissertasiya i_inin nYzYri vY met>d>l>ji Ysaslar1n1 AzYrbaycan1n vY xarici lkYlYrinin iqtisad1 alimlYrinin sYhmdar cYmiyyYtlYrdY vergitutma mYsYlYlYri,vergi p>tensial1n1n qiymYtlYndirilmYsi vY pr>qn>zla_d1r1lmas1, >ptimal vergi rejiminin vY vergi yknn mYyyYn edilmYsi sahYsindY elmi-tYdqiqat YsYrlYri tY_kil etmi_dir. Dissertasiya i_indY inf>rmasiya bazas1 kimi AzYrbaycan Respublikas1 DvlYt Statistika K>mitYsinin illik hesabatlar1, VergilYr vY MaliyyY Nazirliyinin rYsmi materiallar1, 0nternet _YbYkYsindY mvzuya uyun elektr>n resurslar tY_kil etmi_dir. TYdqiqat pr>sesindY sistemli tYhlil, iqtisadi-riyazi, imitasiya m>dellY_diril-mYsi sullar1, riyazi statistika vY s. sullar geni_ istifadY >lunmu_dur. Dissertasiyan1n elmi yeniliyi. TYdqiqat pr>sesindY a_kar >lunmu_ elmi yenilik kimi a_a1dak1lar1 gstYrmYk >lar: - Vergi siyasYt1nin mahiyyYti, f>rmalar1, ara_d1r1lm1_, s>sial-iqtisadi inki_afda vergi amilinin r>lu vergi p>tensial1n1n qiymYtlYndirilmYsi sullar1 tYdqiq edilmi_dir; -AzYrbaycan iqtisadiyyat1n1n tarazl1 inki_af1 n >ptimal vergi rejiminin f>rmala_mas1 istiqamYtlYri mYyyYn >lunmu_ vY vergi p>tensial1n1n qiymYtlYndirilmYsi vY pr>qn>zla_d1r1lmas1 sullar1 tYklif >lunmu_dur; - AzYrbaycanda sYhmdar cYmiyyYtlYrinin f>rmala_mas1n1n iqtisadi zYruriliyi vY ilkin _YrtlYri istiqamYtlYri mYyyYn edilmi_dir; - 0qtisadiyyatda inteqrasiya pr>seslYrinin inki_af1nda sYhmdar kapital1n1n r>lu qiymYtlYndirilmi_dir; - SYhimdar cYmiyyYtlYrin vergiyY cYlb edilmYsininYsas xsusiyyYtlYri, birba_a vergilYrin,d>lay1 vergilYrin, dYmY mYnbYyindYn tutulan vergilYrin spesifik YlamYtlYri tYdqiq edilmi_dir; - SYhmdar cYmiyyYtlYrdY vergi mexanizmi vY >nun tYkmillY_dirilmYsi istiqamYtlYri, vergi tYhlkYsizliyi iqtisadi inki_af1n qarant1 kimi _Yrh edilmi_dir. Dissertasiya YmYli YhYmiyyYti. TYdqiqat i_indY xlasY edilYn nYzYri-met>dik mddYalar vY tvsiyYlYr lkYdY vergi siyasYt1nin masir sYviyyYsini qiymYtlYndirmYyY vY vergi pr>qn>zlar1n1 hYyata keirmYyY imkan verir. 0_dY tYklif edilYn iqtisadi-riyazi m>dellYr sistemi vasitYsi ilY AzYrbaycan iqtisadiyyat1n1n vergi p>tensial1n1n mYyyYn etmYk vY >nun Ysas1nda tarazla_d1r1lm1_ vergi siyasYt1ni f>rmala_d1rmaq imkan1 yaran1r. Dissertasiya i_indY sYhmdar cYmiyyYtlYrdY sYhmdar kapital1n f>rmala_mas1,>nlarda vergitutman1n xsusiyyYtlYri,birba_a, d>lay1 vY dYmY mYnbYyindYn vergilYrin tutulmas1,>nlarda maliyyY vY vergi p>tensial1n1n qiymYtlYndirilmYsi vY pr>qn>zla_d1r1lmas1 hYyata keirilmi_ vY AzYrbaycan Respublikas1n1n vergi p>tensial1n1n qiymYtlYndirilmYsi met>d>l>giyas1 haz1rlanm1_d1r. Dissertasiya i_indY tYklif edilYn met>d>lgiya VergilYr NazirliyindY vergi strategiyas1n1n i_lYnmYsi pr>sesindY, lkYnin vY sYhmdar cYmiyyYtlYrin vergi sistemindY apar1lan islahatlar pr>sesindY Ysasland1r1lm1_ istiqamYtlYrin seilmYsi n istifadY >luna bilYr. Dissertasiya i_inin qurulu_u. Dissertasiya i_indY sYhmdar cYmiyyYtlYrdY vergitutman1n bir s1ra pr>blemlYri vY lkYnin inki_af1nda vergi siyasYt1nin r>lu Ytrafl1 _YkildY _Yrh edilmi_dir. Dissertasiya i_i fYsildYn, >n paraqrafdan ibarYtdir. Birinci fYsildY vergi siyasYt1nin nYzYri vY met>d>l>ji mYsYlYlYri vY lkYnin iqtisadi inki_af1nda >nun r>lu, masir dvrdY AzYrbaycan Respublikas1n1n vergi sisteminin f>rmala_mas1 xsusiyyYtlYri _Yrh edilmi_dir. Ikinci fYsildY AzYrbaycanda sYhimdar cYmiyyYtlYrin f>rmala_mas1 mYsYlYlYri _Yrh edilmi_dir. Burada sYhmdar cYmiyyYtlYrinin f>rmala_mas1n1n iqtisadi zYruriliyi vY ilkin _YrtlYri, iqtisadiyyatda inteqrasiya pr>seslYrinin inki_af1nda sYhmdar kapital1n1n r>lu, mYssisYnin bazar dYyYrinin mYyyYn edilmYsinin met>d>l>ji aspektlYri mYsYlYlYri ara_d1r1lm1_d1r. nc fYsildY sYhimdar cYmiyyYtlYrin vergiyY cYlb edilmYsinin Ysas xsusiyyYtlYri, >larda vsitYli vergilYrin hesablanmas1 vY dYnilmYsi spesifikliyi, sYhimdar cYmiyyYtlYrindY bir-ba_a vergilYrin hesablanmas1 vY dYnilmYsixsusiyyYtlYri, dYmY mYnbYyindYn vergilYrin tutulmas1 qaydalar1, vergi mexanizmi vY >nun tYkmillY_dirilmYsi istiqamYtlYri, vergi tYhlkYsizliyi iqtisadi inki_af1n qarant1 kimi vY digYr mYsYlYlYr tYhlil edilir. NYticY vY tYklifdY dissertasiya i_inin predmetindYn, tYdqiqat >byektindYn irYli gYlYn sYhmdar cYmiyyYtlYrdY vergitutma ilY YlaqYdar >lan nYzYri vY praktiki tYkliflYr verilir. lkYnin s>sial-iqtisadi inki_af1n1 srYtlYndirY bilYcYk fikirlYr sylYnilir,vergilYr vasitYsi ilY iqtisadiyyat1n stimulla_d1r1lmas1 mYsYlYlYrinY aid tYkliflYr z Yksini tapm1_d1r.   Y.A.KYlbiyev. Vergi siyasYtinin konseptual Ysaslar1 vY praktiki aspektlYri. Bak1. 2012.  www/taxes/gov/az  AzYrbaycan Respublikas1n1n Vergi MYcYllYsi, Bak1, 2015.  http://muhasib.az/Vergiler/Torpaq/Torpaq.php  T..Sad1qov.,0.Rzayev. Vergi ucutu vY auditi. 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