Dividends paid to shareholders of the banks, as well as interest on deposits for a year are exempt from income tax.
According to the chairman of the parliamentary committee on economic policy Ziyad Samadzadeh, who submitted to the Milli Majlis the law "On the income tax exemption of interest paid by banks and other lending institutions to individual depositors" for MPs' debate, the banks accumulate more than 4 bn belonging to individuals.
"Even at the rate of 11% it means almost half of the annual income. It turns out that the government gave the public about 60-70 million manat for the New Year," the economist said. - 17D-
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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