Applications for Tax Privileges in Mortgage Crediting System Available from 2008

Business Materials 11 December 2006 17:58 (UTC +04:00)

The Azerbaijan Mortgage Fund (AMF), which functions under the National Bank of Azerbaijan, intends, in 2007, to present tax privileges during the mortgage crediting. According to the international practice, interest for the mortgage-lending is deducted from the taxation base of the borrowers, Trend reports quoting the AMF Executive Director, Faik Mammadov.

This means that interest is taken out from the monthly revenue, but is not included in the taxation base. Applying for this privilege will expand the opportunities of forming free finance. It will also provide an opportunity to receive a large amount of credit, Mammadov said.

The tax privilege system will commence no earlier than 2008, Mammadov stated.