Azerbaijani Banks, Insurance and Re-insurance Companies May be Exempt from Profit Tax
Azerbaijan, Baku, 18 October, /corr. Trend U.Ismaylova, I.Alizade/ Starting on 1 January 2009, Azerbaijani banks, insurance and re-insurance companies can be exempt from the profit tax for three years, the meeting of Parliamentary Commission for Economic Policy said.
Exempt from tax is envisaged by the Law on Increase and Stimulation of capital of banks, insurance and re-insurance companies", which the Permanent Parliamentary Commission approved and sent to the consideration at the Parliament.
Basic purpose of the of the Law
is to accelerate the rates of the development of financial sphere, improve the
quality of services in the bank and insurance sector, stimulate an increase in
the capitalization of companies.
Profit tax in the country is 22%. Currently 45 banks, 28 insurance and one re-insurance company function in Azerbaijan.
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