Azerbaijan, Baku, November 23 / N. Ismailova /
The Tax Ministry of Azerbaijan does not rule out the possibility of using tax incentives to stimulate the securities market development, Tax Minister Fazil Mammadov told journalists on Tuesday.
"If the country's stock market develops intensively we will be ready to explore the opportunity of provision of tax preferences," the official added.
As viewed by him, there are a number of sectors needing tax preferences and in particular the leasing sector.
The Parliament's Economic Policy Committee has more than once suggested making revenue obtained from operations with securities tax-free.
Chinghis Asadullayev, Deputy Chairman of the Parliament's Committee, reported during an examination of the draft amendments to the Tax Code earlier, that the moratorium on taxation of securities' operations was cancelled three years ago so the pace of the stock market has slowed down again.
The period of tax vacations expired in 2010, as a result of which incomes of taxpayers and legal entities obtained from operations with securities are now subject to 10 per cent taxation.
Azerbaijani leasing companies are also asking for tax preferences and want profit spent for capitalisation reasons to be tax-free as well.