Monthly interest income of Azerbaijani citizens up to $117 partially exempted from tax

The monthly interest income of Azerbaijani citizens up to 200 manats ($117) is partially exempted from tax, Nijat Imanov, an official of the State Tax Service under the Ministry of Economy, told a meeting at the Milli Majlis Committee for Economic Policy, Industries, and Enterprising on Monday, Report informs.

According to him, this is about the tax exemption of the interest income obtained by citizens on their deposits in national currency for 18 months and more.

“This step has two goals. On the one hand, this is aimed at the capitalization of banks. Banks provide long-term loans, and in parallel, they must attract deposits for a long time. At the same time, giving this concession to national currency deposits includes the policy of increasing the demand for manat,” he said.