The Azerbaijani government has proposed to extend by 5 years tax exemption for dividends on bank deposits of the population, the Minister of Taxes Fazil Mammadov. Speaking at a meeting of the Parliamentary Committee for Economic Policy, Enterprise and Industry, and the Committee on Legal Policy and State Building, Mammadov noted that these changes also apply to the income tax in the form of dividends, discounts and interest income on investment securities.
Recall that since March 1, 2016 the tax exemption of dividends on bank deposits for three years has been applied.
In addition, the government proposed to free banks from VAT payment on the transfer of distressed assets for three years.
He noted that this applies to banks with solvency problems - from the payment of VAT on the transfer of toxic and non-business assets as part of restructuring and improvement measures.
The Minister also said it is proposed for an indefinite period to free from income tax structures that provide compulsory health insurance and medical services. ---71D
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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