(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 5. Tourism entities
(inns, hotels and sanatoriums) will be granted tax exemptions in
order to develop regional tourism and reduce their fixed tax
expenses in Azerbaijan, Trend reports.
This issue was reflected in an amendment to the Tax Code, which
was discussed today at a meeting of Azerbaijan's Milli Majlis
(Parliament).
According to the draft, except for the cities of Baku, Sumgayit,
Khirdalan and Absheron district, in other cities and districts of
Azerbaijan the tax on immovable property used in hotel and
sanatorium activities (except for cases of temporary cessation of
entrepreneurial activity in accordance with Article 16.3 of the Tax
Code) shall be reduced by 75 percent for a three-year period from
January 1, 2024.
After discussion, the amendment was put to a vote and approved
in the third reading.
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