Azerbaijani parliament amends several laws

Economy Materials 19 January 2016 14:20 (UTC +04:00)
Azerbaijan’s parliament adopted Jan. 19 amendments to the laws “On Deposit Insurance”, “On Currency Regulation” and “On Complete Deposit Insurance”
Azerbaijani parliament amends several laws

Baku, Azerbaijan, Jan. 19


Azerbaijan's parliament adopted Jan. 19 amendments to the laws "On Deposit Insurance", "On Currency Regulation" and "On Complete Deposit Insurance", as well as changes to the Tax Code.

In accordance with the law "On Complete Deposit Insurance", the deposits of population in the banks, which are members to the Azerbaijan Deposit Insurance Fund (ADIF), have been insured for three years, regardless of the deposits' amounts.

Under the amendments to the Tax Code, interest rates on deposits of individuals in local banks and branches of foreign banks operating in Azerbaijan, dividends on investment securities paid by the issuer, and the interest income are exempt from tax for a period of three years starting from Feb. 1, 2016.

Currency transferred as direct investment for the purchase of securities, real estate and land plots, as well as for maintenance of foreign offices of Azerbaijani companies will be subject to mandatory fee.

This won't cover the legal entities, the state share in the equity capital of which exceeds 50 percent.

This measure also won't affect the transfers abroad for medical treatment, education, execution of decisions of courts and law enforcement agencies outside of Azerbaijan.