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Cabinet Approves Taxation Areas for Real Estate
The decision of the Cabinet of Ministers on approval of the boundaries of zones of the city of Baku, including settlements and villages, has entered into force in connection with the application of the new rules of the simplified tax payment on the sale of housing and non-residential areas.
The document is required for the performance from January 1, and corresponds to Article 220.8.1 of the Tax Code of Azerbaijan. For builders, the base tax rate is 45 manats per 1 sq.m., for individuals who own housing - 15 manats per 1 sq.m.
The capital has been divided into 12 zones, each of them is applied a coefficient - maximum 4-fold is applied to the first zone. In the second zone, the base rate is multiplied by 3, in the third and fourth - by 2.2, in the fifth and sixth areas - by 1.8, in the seventh, eighth and ninth - by 1.5, in the tenth, eleventh and twelfth - by 1.2.
Upon the sale of administrative and commercial facilities their owners will pay 1.5 times more than in the sale of housing.
There are exceptions to the rule - tax exempt are owners of residential areas, where they live for more than 5 years, and those who give their property to family members. The same applies to material support and inheritance, real estate acquisition for state needs, the joint property of spouses, including its transfer in divorce proceedings. --17D-
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