Azerbaijan Implements Tax Incentives For COP29

(MENAFN- AzerNews) Tax incentives are being introduced in Azerbaijan in connectionwith the upcoming 29th session of the Conference of the Parties tothe United Nations Framework Convention on Climate Change (COP29), Azernews reports.

This initiative involves proposed amendments to the Tax Code,which were deliberated upon during a session of the Azerbaijaniparliament.

Under the proposed amendment, non-resident individuals engagedin supplying goods, performing work, or providing services relatedto COP29 will be eligible for a nine-month exemption from incometax, commencing on March 1, 2024. This amendment underwent thoroughdiscussion and was subsequently passed in the third reading.

It's worth mentioning that Azerbaijan is slated to host COP29this November. This decision was reached during the COP28 plenarymeeting held in Dubai on December 11 of the previous year. Baku isanticipated to welcome approximately 70 thousand to 80 thousandforeign guests, positioning itself as the focal point of globalattention.

The United Nations Framework Convention on Climate Change,established during the Earth Summit in Rio de Janeiro in June 1992,aims to prevent detrimental human interference with the climatesystem. The COP serves as the principal legislative body overseeingthe Convention's implementation, with 198 countries currently partyto it. Unless otherwise decided, the COP convenes annually, withits inaugural event taking place in March 1995 in Berlin.

MENAFN21052024000195011045ID1108238990