Azerbaijan parliament approved the changes to the Tax Code

Baku. 30 December. REPORT.AZ/ At the last meeting in 2014 of autumn session of Azerbaijani parliament (Milli Mejlis) held today amendments and changes to the Tax Code of the Republic of Azerbaijan.

Report informs, in accordance with the new amendments, bank depositors to pay income tax for annual incomes of dividends more than 500 manats.

Annual income up to 500 manats of bank depositors is free of income tax. In case if the income is more than 500 manats, income tax should be apply to the portion more than 500 manats. For example, if the bank depositor has a deposit in the bank in sum of 30 000 manats, then he should pay income tax in sum of 300 manats annually. 

The amendments provide for 25% reduction of property tax and tax for water transport on the books of enterprises, which is used for cargo and passenger transportation.

The amendments also introduce new taxes and increase the existing tax rates. Thus, the deposit income tax will be restored, excise duties for cars, alcohol and tobacco increased and excise duty for precious metals introduced.