Azerbaijani bankers offer to exempt mortgaged property for 3 years

Azerbaijani bankers offer to exempt mortgaged property for 3 years Initiative put forward to exempt POS-terminals import from tax
Finance
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March 10, 2017 15:16
Azerbaijani bankers offer to exempt mortgaged property for 3 years

Baku. 10 March. REPORT.AZ/ 3-year exemption from tax was proposed for the property of the commercial banks operating in Azerbaijan, which entered in the books on troubled loans.

Report informs, Chairman of "Rabitəbank" OJSC Managerial Board Elchin Gadimov told today's tax conference "Together towards Transparency" in Baku.

According to E.Gadimov, tax imposition leads to additional costs as banks don't use this property: "Researches show that cash payments lead to additional costs of 1.1-1.7% in various countries. We also offer special concessions regarding production of POS-terminals as well exemption of POS-terminals from tax".

The bank official said that according to international practice, government procurement should be carried out only in cash: "UK has already introduced it and saved nearly 1 bln pounds sterling".  

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