BAKU, Azerbaijan, January 7. Azerbaijan has begun to provide tax breaks for film production, Member of the Milli Majlis (Parliament) Committee on Economic Policy, Industry and Entrepreneurship Vugar Bayramov said on Facebook, Trend reports.
Bayramov noted that according to the amendments made to the Tax Code, 75 percent of the profit from entrepreneurial activity of a cinematographic enterprise registered in Azerbaijan and engaged in film production and dubbing is exempt from tax for three years from January 1, 2024.
"The exemptions will be valid for the next three years and will also apply to enterprises that are not micro-entrepreneurs. Notably, these benefits are included in Article 106 of the said code (Exemptions and exemptions)," he said.
"The implementation of these exemptions is critical in terms of promoting domestic film production. Although there has been some activity in this sector in recent years, submitting large projects remains tough. The new incentives will not only enhance revenue for film companies, but will also allow them to reinvest. This is likely to have a good impact on the film industry's development. At the same time, it is recommended that the scope of tax advantages in this industry be expanded further. In particular, incentives that reduce the expenses of film production are required. This topic will be discussed further," Bayramov said in the publication.
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