Azerbaijan plans to exempt bank deposits from taxes for three years

Baku. 19 January. REPORT.AZ/ Azerbaijani Parliament plans to release a dividend of bank deposits of physical persons from income tax for three years.Report informs it is provided in the amendments to the Tax Code made at today's extraordinary session of Milli Majlis.

The draft law on amendments to the Tax Code states that Article 102.1.22. Code on February 1, is approved in the following order:

"From February 1, 2016 for a period of 3 years part of the annual interest rate being paid by a local bank or the branch of a foreign bank in the Republic of Azerbaijan as well as dividends paid by issuers, discounts (the difference arising as a result of placement of bonds below par), and interest income on investment securities"

Notably, under the current legislation, part of the annual interest income in the amount of 500 manats paid on bank deposits of individuals exempted from tax.