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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The draft law "On Amendments to the Tax Code," adopted in its third reading, provides for tax exemptions on the sale of locally manufactured buses in Azerbaijan and the supply of spare parts for these vehicles. This was reported by the Tax Service under the Ministry of Economy, explaining that the government's initiative aims to support business development in the country by reducing the tax burden. The exemption will come into effect on January 1, 2025, and will remain valid for eight years.
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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