BAKU, Azerbaijan, June 8. The amount of refunded VAT for residential and non-residential properties purchased cashlessly from individuals engaged in construction activities in Azerbaijan totaled 8.17 million manat ($4.8 million) from January through May 2024, Trend reports via the State Tax Service under the Ministry of Economy.
According to the State Tax Service, individual consumers were refunded 74 million manat ($43.5 million) of VAT paid on goods (excluding petroleum products, automobiles, alcoholic beverages, and tobacco products) purchased in the local retail and catering facilities, as well as services provided by healthcare institutions and private medical practitioners.
Additionally, the implementation of the VAT refund project has significantly increased the share of cashless payments in the retail, food service, and healthcare sectors.
To note, more than 154.18 million manat ($90.1 million) of VAT was refunded to consumers for goods or services purchased by cashless payment in 2023.
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