BAKU, Azerbaijan, July 17. The citizens have been refunded part of the VAT amount of 34.6 million manat ($20.3 million) for cashless real estate purchases, Trend reports, referring to the Azerbaijani State Tax Service.
“A total of 16,329 applications from citizens were received through the relevant portal from November 2022 through July 1, 2024, for 8563 of which the payment of funds of 34.6 million manat ($20.3 million) was ensured. During the first six months of this year alone, 2,597 applications were received through the portal. According to the requirements of the relevant rules, 1802 of them were paid to citizens of 9.2 million manat ($5.4 million), and 526 of them were denied.
Meanwhile, the persons engaged in construction activities since the period of launching the portal have submitted 1,398 "Information forms for each building related to the provision of residential and non-residential premises," of which 917 were approved.
The refund of part of the VAT also includes apartments for residential and non-residential spaces purchased by citizens in a cashless manner from persons carrying out construction activities through a state mortgage loan. Starting in September 2023, the funds are transferred by the tax authority to the person's virtual “Edvgerial” account in the client bank. This has eliminated some of the difficulties existing in this area.
To note, there are several issues that lead to the rejection of applications. These include failure to apply within 90 days of the last payment, failure to reflect the electronic receipt data in the payment destination, payments made by other persons, and failure to pay VAT and basic amounts separately.
However, persons engaged in housing construction are advised to submit forms for information on the construction of buildings in the manner prescribed by law. In this regard, the tax authorities are conducting appropriate monitoring and analytical work," the State Service noted.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel