Azerbaijan To Apply Tax Incentives Due To COP29

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 21. Tax incentives willbe applied in Azerbaijan in connection with the 29th session of theConference of the Parties to the United Nations FrameworkConvention on Climate Change (COP29), Trend reports via the proposedamendment to the Tax Code, discussed at a session of theAzerbaijani parliament.

According to the amendment, based on a confirming document fromthe authority designated by the relevant executive authority, theincome of non-resident individuals involved in the supply of goods,performance of work, and provision of services in connection withCOP29 will be exempt from income tax for nine months starting onMarch 1, 2024.

After the discussion, the amendment was put to a vote and passedin the third reading.

To note, this November, Azerbaijan will host COP29. Thisdecision was made at the COP28 plenary meeting held in Dubai onDecember 11 last year. Baku will become the center of the world andwill receive about 70–80,000 foreign guests.

The United Nations Framework Convention on Climate Change is anagreement signed at the Earth Summit in Rio de Janeiro in June 1992to prevent dangerous human interference with the climate system COP-the Conference of the Parties-is the highest legislativebody overseeing the implementation of the Framework Convention onClimate Change. There are 198 countries that are parties to theConvention. Unless the parties agree otherwise, the COP is heldannually. The first COP event took place in March 1995 in Berlin,and its secretariat is located in Bonn.

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