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-
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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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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