State Securities Committee offers release of legal entities from income taxes for transaction on securities
Gunduz Mammadov, the chairman of the SSC said that the State Securities Committee (SSC) at the Azerbaijani Presidents Apparat appealed to the government with a proposal to release from taxation the legal entities for transactions on securities. The proposal was made as one of anti-inflation measures and is intended for development of the financial market.
So far, the incomes of physical entities were noted imposed to profit taxes. Tax vocation granted for 5 years, which expires on 1 January 2007.
The head of the SCC guessed that a resolution on release of physical and legal entities from taxation, including incomes from deposits in the banking system, can be adopted within one law.
The SSC intends anew appeal to the government with respect to release the physical entities from taxation for the 5 years more and expansion of area of coverage, which is necessary for the development of securities.