Azerbaijan to apply tax incentives due to COP29

Green Economy Materials 21 May 2024 13:30 (UTC +04:00)
Elchin Mehdiyev
Elchin Mehdiyev
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BAKU, Azerbaijan, May 21. Tax incentives will be applied in Azerbaijan in connection with the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), Trend reports via the proposed amendment to the Tax Code, discussed at a session of the Azerbaijani parliament.

According to the amendment, based on a confirming document from the authority designated by the relevant executive authority, the income of non-resident individuals involved in the supply of goods, performance of work, and provision of services in connection with COP29 will be exempt from income tax for nine months starting on March 1, 2024.

After the discussion, the amendment was put to a vote and passed in the third reading.

To note, this November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.

The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. The COP—the Conference of the Parties—is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.

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