BAKU, Azerbaijan, February 10. Interest rates on deposits in banks are not expected to rise in Azerbaijan, said President of Azerbaijan Banks Association Zakir Nuriyev at the event on the topic "Heydar Aliyev and Azerbaijan's tax system: to new challenges", Trend reports.
However, he noted that some banks may increase the interest rate due to the expiration of the tax benefit on deposits.
Nuriyev believes that this can lead to an increase in the interest rate of up to one percent.
The State Tax Service adopted a law on the exemption of profits on deposits for seven years in 2016, but on February 1, 2023 this period ended. Only the amount of profit will be taxed, and not the entire amount of the deposit.