A three-year tax holiday on personal income on bank deposits has entered today.
As stated in the presidential decree that approved the relevant amendments to the Tax Code of the Azerbaijan Republic, the changes also require a tax exemption on income from dividends, discounts and interest income on investment securities.
Tax on personal income on bank deposits in the amount of 10% has been effective since January 1, 2015. This practice did not exist before.
Recall, according to the CBA, the total amount of deposits of physical persons was at the level of 9.5 billion manats in Azerbaijani banks by 1 January. Taking into account the average rate on deposits in local and foreign currency at the level of 10% (950 million AZN), last year the state received 95 million AZN in taxes. --17D-
Economics
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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Azerbaijan Railways (AZD) has launched rail transit shipments from Zira Port, located 45 kilometers east of Baku, strengthening the country's position as a logistics hub on the Middle Corridor.
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