Business Entities On Azerbaijan's Liberated Lands To Be Full...| MENAFN.COM

Thursday, 09 February 2023 10:02 GMT

Business Entities On Azerbaijan's Liberated Lands To Be Fully Exempt From Tax Levies


(MENAFN- Trend News Agency)

BAKU, Azerbaijan, November 16. Business entities operating in Azerbaijan's liberated territories will be completely exempt from tax levies from January 1, 2023, Head of the Main Department of Tax Policy of the State Tax Service under the Azerbaijani Economy Ministry Nijat Imanov said at the 3rd Finance and Investment Forum on November 16, trend reports.

Imanov noted that entrepreneurs in the liberated territories will be exempt from taxes on bonds for a period of 10 years.

According to him, 113 amendments are to be made to the Tax Code: 26 directions of changes regards the business sector, and four directions – tax incentives for liberated lands.

'Furthermore, entrepreneurs will be exempt from land and income taxes, as well as from VAT,' Imanov stated.

As he said, it's scheduled to subsidize the agricultural sector as an incentive. Agricultural entrepreneurs are supposed to be exempt from taxes on real estate and land for seven years.

Imanov also talked about plans to extend the period of tax benefits for medical services under compulsory health insurance until January 1, 2024.

Moreover, Azerbaijani tax debtors will be able to open bank accounts from 2023, the official added.

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