Azerbaijan, Baku, Nov. 25 / Trend I. Khalilova /
Azerbaijan's state budget has lost 150 million manat by providing banks, insurance and reinsurance companies with tax benefits during three years.
The government exempted some profit directed for capitalization from income tax to improve the financial state and capitalization of banks and insurance companies, tax minister Fazil Mammadov said.
"As a result of providing these tax benefits, the state budget has not received up to 45-50 million manat each year," he said. "Despite the fact that in general, the figure hit 150 million manat for three years, the funds allowed to maintain stability in the banking sector and to strengthen the assets amid the global economic crisis. This was an important and timely step taken by the government."