Government to Discuss Taxation on Sale of Property of Bankrupt Businessmen
It is necessary to improve the system of taxation on the sale of the collateral, the head of the Board of Directors of the Financial Markets Supervision House Rufat Aslanli said.
He drew attention to the problem of taxation on the sale of collateral put by businessmen.
“A bankrupt businessman sells his mortgaged property. Upon the sale of the collateral the amount received will be charged tax and other expenses. As a result, the amount received from the sale of the collateral is not enough even to pay off the debt. A bankrupt businessman among other issues also has the problem of a debt owed to the bank,” Aslanli said.
The head of the FMSH Board of Directors said that to address this issue they are looking for a way out. According to him, there are several suggestions that will be discussed with the government. -71D-
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