Selling assets of bankrupt banks exempt from VAT until 2023

Azerbaijan has exempted the insolvent bank from VAT for another two years as part of the bankruptcy procedure, Report informs.

According to the draft law "On Amendments to the Tax Code of the Republic of Azerbaijan," this period will be extended from 3 to 5 years.

According to the draft, within the framework of the resolution and rehabilitation of insolvent banks, the submission of non-performing (toxic) assets in the manner prescribed by the relevant executive authority is extended to the same period, in other words, exempt from VAT.