From the 1st of February tax breaks on interest income from deposits of individuals in banks, dividends on investment securities, a discount (the difference resulting from the placement of bonds below nominal) and interest incomes will be applied for three years.
Appropriate amendments to the Tax Code were introduced in Parliament today.
According to experts, this step is being taken to counteract the withdrawal of deposits from banks by the population, stimulate the growth of deposits in banks, increase demand for investment securities.
Under current rules in force since 2015, interest income above 500 manat on bank deposits of the population is subject to a 10% tax.
Since 2011, dividends on securities of financial and non-financial companies are also brought to a 10% tax. --08D--
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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