Assets of bankrupt banks in Azerbaijan exempt from taxation for four more years

The assets of banks in process of bankruptcy in Azerbaijan will be exempted from taxation for four more years - until late 2025.

Report informs, citing the proposed additions and alterations to the Tax Code, that, according to the changes, the presentation of non-functional (toxic) assets in the manner established by the relevant executive authority as part of the resolutions and remedial measures of banks that have lost solvency, as well as the presentation of bank assets as part of the bankruptcy procedure, are exempt from taxation from January 1, 2017 for a period of 9 years. Currently, this period is 5 years.