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Tax Holiday on Personal Income on Bank Deposits
A three-year tax holiday on personal income on bank deposits has entered today.
As stated in the presidential decree that approved the relevant amendments to the Tax Code of the Azerbaijan Republic, the changes also require a tax exemption on income from dividends, discounts and interest income on investment securities.
Tax on personal income on bank deposits in the amount of 10% has been effective since January 1, 2015. This practice did not exist before.
Recall, according to the CBA, the total amount of deposits of physical persons was at the level of 9.5 billion manats in Azerbaijani banks by 1 January. Taking into account the average rate on deposits in local and foreign currency at the level of 10% (950 million AZN), last year the state received 95 million AZN in taxes. --17D-
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Economics
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