Azerbaijani banks reduce tax payments
Baku, Azerbaijan, Oct. 4
By Azad Hasanli – Trend:
Tax proceeds from Azerbaijan’s banking sector in January-September 2016 decreased by almost 110 million manats compared to the same period of 2015, the country’s Deputy Taxes Minister Ilkin Veliyev told reporters in Baku Oct. 4.
In accordance with Azerbaijan’s legislation, banks are exempt from value added tax (VAT) for financial transactions. At the same time, the country’s banks pay income tax and VAT from the sale of real estate, which is an object of a pledge, and which was transferred to their balance as a result of loan default.
As many as 32 banks operate in Azerbaijan, including two state-owned ones.