Azerbaijan Sees Potential To Boost Budget Revenue From Property Tax
He made the remarks during a meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship, where he addressed the draft state budget for 2027.
According to him, an audit conducted by the Chamber of Accounts found that some legal entities own large areas of real estate, including commercial properties, but these assets are not recorded as fixed assets for tax purposes and are therefore not subject to property tax.
"The reasons why these properties are not subject to property tax are generally related to delays in obtaining the documentation required to put real estate into operation," he said.
Gulmammadov noted that property tax revenues are projected to account for 0.3 percent of Azerbaijan's gross domestic product (GDP) in 2027.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment