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Baku/10.03.23/Turan: For more than a month now, Azerbaijan has been taxing annual interest income paid by local banks and local branches of foreign banks on individual deposits.
The tax is up to 1/10th of a percent of savings.
Of the 25 banks operating in Azerbaijan, only 1 - AFBBank - has decided to temporarily pay the tax itself instead of depositors. The bank has announced a campaign called "We Pay Tax on Your Savings". According to the campaign, the tax on interest for the first year on deposits placed before May 1 will be paid by the bank and not by the depositor.
Note that other 24 banks have not taken any steps in this direction. -0-
Finance
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Auction on early redemption of government bonds with codes AZ0201040208, AZ0201040240, AZ0201040265 and AZ0201040323 ISIN, placed by the Ministry of Finance, will be held at the Baku Stock Exchange on 25 February. This was reported by the Ministry.
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The Central Bank of Azerbaijan (CBA) has approved ‘Rules of Operational Risk Management in Banks’ developed on the basis of progressive international experience and standards.This is reported on the CBA website.
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In January 2025, contributions to compulsory state social insurance in Azerbaijan totalled AZN 443.4 million. This was reported by the State Tax Service under the Ministry of Economy.
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In 2024, insurance companies in Azerbaijan concluded 50,207 contracts of ‘Green Card’ for a total amount of AZN 7.2 million.This was reported by the Mandatory Insurance Bureau (BIB).
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