In 2016 sports betting members in Azerbaijan will be subject to income tax at a rate of 10% of the winning amount, in accordance with the amendments to the Tax Code, which was discussed today at a meeting of the parliamentary committee on economic policy.
Minister of Taxes Fazil Mammadov said that the annual turnover of sports gambling in the country is around 300 million manat. Since January 2013 winnings of individuals from gambling are not taxable. This benefit contributed to the development of gambling. "Now, in view of the economic situation considered appropriate to introduce a 10% tax," said the Minister. It is projected that revenue from taxation of winnings in the sweepstakes, make 25 million manat. In addition, it is envisaged to increase the rate of the simplified tax in the field of trade and catering. Now the rate in Baku is 4% ,and in the regions - 2%.
Under the proposed innovation, trade tax will rise to 6% of revenues, and in catering - up to 8%. -06D-
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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