Azerbaijan, Baku, Feb. 8 / Trend A.Akhundov /
Amendments to the Tax Code of Azerbaijan, with effect from January 1of this year, will have a positive impact on the development of the insurance market and securities of the country.
This was stated by the head of the Tax Policy and Strategic Studies of the Ministry of Taxes of Azerbaijan, Akif Musayev during a speech at the forum on "Tax system in Azerbaijan: realities and prospects".
Under the changes, the premiums for all types of compulsory insurance paid by insurers to individuals are listed as income that is exempt from taxation. The following tax benefits are available for life insurance for over three years: exemption of the insurance premium from the income tax and social insurance contributions.
In addition, according to Musayev, from now on, the activities of insurance agents and brokers are exempt from VAT.