State oil fund and central bank of Azerbaijan exempted from land tax to municipal budgets

Business Materials 15 April 2010 16:58 (UTC +04:00)

Azerbaijan, Baku, April 14 /Trend, E.Ismailov/

The State Oil Fund (SOFAR) was exempted from paying land tax to the local (municipal) budgets, the Taxes Ministry reported.

Tax exemption is available for the land owned and used by SOFAR.

Together with SOFAR, public authorities, budgetary organizations, local governments, as well as the Central Bank of Azerbaijan are exempt from the land tax to the local (municipal) budgets.

The lands in the common use of residential settlements, in particular: squares, streets, passages, roads, parks, forest parks, alleys, beaches and land facilities serving social needs of the population are exempt from the payment of land tax.