BAKU, Azerbaijan, November 2. The income of legal entities engaged in the production of agricultural products in Azerbaijan will be exempt from taxes for another three years, Trend reports.
This is reflected in the draft law "On the State Budget of the Republic of Azerbaijan for 2024", which was submitted for discussion today at the meeting of Azerbaijan's Milli Majlis (Parliament) Committee on Economic Policy, Industry, and Entrepreneurship.
The profits of legal entities engaged in the production of agricultural products (including by industrial means) from this activity are exempt from taxation from January 1, 2014, for a period of 13 years. The current legislation shows that this period was established on January 1, 2014, for a period of 10 years.
In addition, the income of legal entities engaged in the production of agricultural products (including by industrial means), outside of sales for this activity, subsidies provided at the expense of the state budget to legal entities engaged in the production of agricultural products, as well as the dividend income of resident legal entities engaged in the production of agricultural products (including industrial production), is exempt from taxation for a period of four years from January 1, 2023.
In the current legislation, this period is provided for a period of one year from January 1, 2023.
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